Property Market update - Sept 2021

Updated: Sep 5

What was expected to be a 2 week lockdown, to allow the authorities to control the COVID19 Delta variant, quickly turned into a perpetual lockdown, with no end in sight.

Despite Lockdown 6 taking hold of the entire month of August prices still managed to rise 1.2%.

Over the 12 months to August 2021, Melbourne property prices rise "only" 13%, an average of 1% a month, making Melbourne the worst performing property market in Australia.

This is not the true story though. If we were to dive deeper and remove the apartments from this chart, and just focus on the suburbs that are in demand, prices have risen between 20 to 30% since last year. That's a price growth of more than 2% every month.

Significantly what this tells us is, if you're in the property market to buy your property, every month's delay is costing you 2%. You'll be paying 2% more for a similar property, for every month's failure in buying your property.

This leads us into the next question: