At long last some of the heat is coming out of the Melbourne housing market. According to Domain House Pricing Report Melbourne Median price sales up just 2.8% this quarter for houses and medium of just 1.9% for units.
While it is not done deal, it might be the start for some relief for struggling first home buyers. With many millennials resigned to the fact they may never own their own home, most came only hope house prices start to reverse. However, you'll mostly be out of luck if you hope for a serious downturn in the near future.
Interest rates are steady, though Commbank did increase rates against the trend recently. This often softens the pressure from speculators. Compounding the slow growth is slow job growth rates.
This doesn't mean it is time to dump all your investments or put a hold on your next home purchase. What it does mean is it is a great time to buy with limited pressure in the market, meaning you are more likely to get a better deal.
Will the housing market fall? Not likely according to The Australian Financial Review owned Domain. There is still not enough supply in Melbourne to cool things off completely. Brisbane apartment market is one of the few markets with over supply, though a typical situation for Queensland.
Our advice start looking to buy in a cooler market and if you are selling be prepared for a longer wait. So take a second look at those offers.