Melbourne Property Market Update – March 7th, 2015
By Peter Sarmas on 6 Mar 2015
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Melbourne Property Market Passes Big Test Over the Weekend!
Peter Sarmas reports that confidence in the property market has been building in Melbourne since the Reserve Bank cut interest rates by 0.25% to 2.25%. The Melbourne property market has certainly received a shot in the arm as consumer confidence has increased.
The RBA leaves the cash rate unchanged at 2.25 per cent
At this months RBA meeting the Board judged that, having eased monetary policy at the previous meeting, it was appropriate to hold interest rates steady for the time being. Further easing of policy may be appropriate over the period ahead, in order to foster sustainable growth in demand and inflation consistent with targets. The Board will further assess the case for such action at forthcoming meetings.
Melbourne residential market provides highest growth over quarter
Robert Larocca reports that Melbourne’s dwelling prices rose at a greater rate over the last three months than any other capital city. Read the full results in the February CoreLogic RP Data Home Value Index.
Enzo Raimondo of REIV reports that despite the publicity that Melbourne’s record auction boom and million-dollar suburbs attracted last year, there are bargain houses out there. Find out which suburbs are yet to reach their previous peak price and suburbs that are more affordable.
Buyer sentiment: What the market is telling us
2015 has kicked off with an abundance of off the plan apartment enquiry on Apartment Register, across Melbourne’s inner city suburbs. Following our article on overseas buyer demand drivers, Cameron Clarke of Urban Melbourne comments on the local market enquiry year to date.
$250m Upgrade Plan for Queen Victoria Market
An overhaul of Melbourne’s historic Queen Victoria Market is expected to be one of the city’s greatest economic drivers over the next decade. Sourceable Industry News reports that Lord Mayor Robert Doyle predicts the facelift, the largest investment in the council’s history, will boost the market’s annual turnover from $91 million to $690 million.
