MELBOURNE’S HOUSING AFFORDABILITY TO IMPROVE THIS YEAR
- Posted By Prince Lakshman
Are you still house hunting? Great news, house affordability is expected to improve in Melbourne this year.
According to Moody’s Investors Service’s forecast, the city’s moderate house price growth will continue throughout 2018; thus, to result in better affordable homes.
The new report also revealed that the city had a record-breaking “deterioration in housing affordability of any Australian city” in the year to March 2018.
However, it was also stated in the report that there’s still hope for the Melbourne property market, mostly because housing prices had dropped in recent months.
Housing affordability is improving across most Australian capital cities, helped by recent falls in property values.
The Australian Housing Industry Association’s (HIA) Affordability index rose by 0.2 per cent in the first quarter of 2018.
Melbourne’s average weekly income benefited the most massive increase of any Australian capital in the year to March, jumping to 3.8 per cent, according to Moody’s report.
“We expect the tempering of house price growth in Melbourne over recent months to continue through 2018, which is a positive for housing affordability,” the report said.
One of Moody’s agents Michael Paproth observed that the property market’s current situation had generally turned in the buyer’s favour.
Therefore, those vendors who are meeting the needs of the market are selling well, whereas those who haven’t changed their pricing yet are taking much longer to sell.