There’s no doubt that the COVID-19 pandemic continues to have a significant impact on the property market in Melbourne. While border closures, job losses and harsh stage four restrictions presented challenges none of us could have imagined, our real estate market has defied expectations and proven to be very resilient.

Despite the strong growth in house values, we have seen rental values dip, then stabilise over this time. Investors have been cautious, leaving owner-occupiers to take up the slack. As we work our way through the second half of 2021, with people returning to their workplaces and Melbourne opening up again, the rental market is improving and vacancy rates are decreasing across Richmond and surrounding suburbs. Developers are starting to re-engage with shelved planning permits and there is a strong pipeline of new projects featuring updated designs to accommodate larger spaces and home offices for a more agile living environment.