By Olivia Condous
The value of Australia’s dwellings has steadily decreased over the last couple of months due to inflation and cost of living pressures, but value in the Melton and Bacchus Marsh region has still increased according to the latest data.
CoreLogic’s national Home Value Index (HVI) recorded a second consecutive month of value declines overall in Australia for June, down 0.6 per cent, to be 0.2 per cent lower over the June quarter.
The city of Melbourne recorded a 1.1 per cent drop per month overall as well as regional Victoria overall had 0.1 decrease per month.
Despite the overall value drops, the Melton and Bacchus Marsh region was in the top ten areas across Greater Melbourne to record the highest annual growth in value of dwellings.
The region recorded an 8.3 per cent increase over the 12 month period to June this year, with a median dwelling value of $650,172.
The western region of Melbourne overall had a small 0.3 per cent decline in value over June.
Melton Ryder Real Estate managing director Kirsteen Ryder said she hadn’t noticed a price decrease on properties at this stage, but there had been some changes.
“Buyer enquiries are lower, real estate enquiries are lower than normal, but that could be due to the school holidays,” she said.
Ms Ryder said the most noticeable change was that buyers were waiting longer to express interest in new properties on the market, waiting two to three weeks rather than one to two days.
She said she wished she had a “crystal ball” to see what the future would hold for local real estate, but for now things were fairly stable.
“At this stage we’re still seeing a lot of buyer enquiry and no price changes.”
CoreLogic research director Tim Lawless said the country’s housing market experiencing a sharp reduction coincided with the cash rate hike and surging inflation.
“Considering inflation is likely to remain stubbornly high for some time, and interest rates are expected to rise substantially in response, it’s likely the rate of decline in housing values will continue to gather steam and become more widespread.”
