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VIC: Melbourne property market recovers from COVID-19

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Despite doomsday predictions of house prices falling by up to 30 per cent, experts tip a 10 per cent drop from the pandemic is far more likely.
Real Estate Institute of Victoria president Leah Calnan said the sooner the industry got back to business, the faster house prices could rebound and the better it would be for the entire economy. 

“The Victorian property market is an enormous contributor, from residential sales to commercial buildings, short-stay accommodation and the private rental market,” Ms Calnan said.

“Property taxes also contribute to close to 48 per cent of the state government’s overall funding.”

She said it would be harder for some young buyers to get loan approval from banks, while others would forced to put their plans on hold after losing employment.

Tenants Victoria chief executive Jennifer Beveridge said many young adults could face financial hardship well into the year, but higher vacancy rates could help make rent more affordable.

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