VICTORIA
MELBOURNE AND REGIONAL VICTORIA - JULY LOCKDOWN HAD LESS OF AN IMPACT THAN JUNE
It was such great news that Victoria has dodged New South Wales ’ high case numbers and the lockdown Melbourne experienced in July had less of an impact than the June lockdown . As a result , the number of properties for sale overall were up 10 per cent in July compared to the previous month . The lockdown did mean a short term drop in properties for sale in Victoria , particularly due to the heavy restrictions but the decline was shorter lived .
Even while the lockdown was in place , active bidders at auction hit particularly high levels and the gap between highest prior offer and price sold at auction remains high . This level of competition is likely to mean that prices are maintained . And now as conditions once again become more normal , properties for sale will continue to increase again .
Given most investors tend to target properties priced under the median for that city and region , the following table details the best price growth suburbs in Melbourne and regional Victoria below the house price median . It ’ s important to note that historical price growth is no indicator of future conditions however there are some interesting trends that could be considered :
1 . Unlike last year , price growth is moving to middle ring suburbs of Melbourne , particularly unit markets . This is likely due to emerging affordability challenges as a result of very high price growth since the start of the year .
2 . Outer suburban areas continue to do well - people are still looking for more space .
3 . Regional price growth areas continue to be a mix of lifestyle ( e . g . Rutherglen ), as well as areas benefiting from decent farming conditions .
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