With home prices in Melbourne already well above $1 million, many locals believe that if they were to live in the city centre, they would be able to afford to buy their own property.
What does this mean?
The number of properties in Melbourne has increased by around 40 per cent over the last three years, according to property consultancy Hordern.
While prices are still in the low $500,000s, the number of houses in the market is increasing rapidly.
And while this is certainly an impressive achievement, there are still some concerns over how the property market will react to the upcoming capital restrictions.
“It is very likely that this is going to be a time when prices will rise quite a bit more than they have already,” Horderner said.
“The fact that this number is so high is very concerning, and this is a time of heightened uncertainty for many, many properties.”
In the past, people have purchased homes in Melbourne as a way to save up for a down payment.
But now, many people are opting for a second home in Melbourne to save money, as a result of the new capital restrictions on the capital markets.
Hordern has also compiled a list of properties that are currently being offered for sale in Melbourne.
You can check the property listing here.
While the list is comprehensive, it can be a bit daunting for those looking to buy a property.
You should also check with your local property agent before you make any decisions.
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