News

Melbourne Property Market Update - June

The month of May saw an unseasonably high number of sales transactions taking place. Traditionally the highest number of sales take place in March, however this year, 10,700 transactions in May saw it surpass March’s figure of 10,400 transactions. This is reflective of the market’s current optimistic attitude, according to the REIV’s Property Market Sentiment Index (PMSI).

Melbourne’s rental market has remained stable in May. Currently vacancy rates are sitting at 2.8%. Melcorp is pleased to report that we are outperforming the CBD average by maintaining a 1% vacancy rate in major CBD buildings Zen, Verve and Milano, where we manage the majority of rental listings for the buildings.

According the REIV’s Unit Price Index (UPI), Melbourne unit prices have increased by 1% in May, marking the highest growth in six months. Over the past 12 months the UPI has increased by a big 9.5%.

The reserve bank has left cash rates unchanged at 2.5% in June, while confirming that interest rates would remain low in the short to medium term, which continues to support the current demand for property.

If you have rental enquiries or are looking to take advantage of the current buyers’ market Melcorp has a variety of listings available for both sale and rent in the CBD and Southbank. To view available floor plans and building photos visit the home page of Melcorp’s website and follow the prompts.

If you have any queries or questions regarding the Melbourne’s property market, please call Melcorp on +61 3 9663 1117 or email at info@melcorp.com.au  and someone from our dedicated Property Management and Sales teams will be happy to answer.