The Report
Welcome to our 2021 edition of The Report – your exclusive insight into the factors shaping the residential property market in Whitehorse and the wider metropolitan Melbourne region.
There’s no doubt that the COVID-19 pandemic has had 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.
Buyers are using lockdown to take stock of their finances and assess their lifestyle and housing needs, and more space is a priority. Pent-up demand, fuelled by low stock levels and the lowest interest rates of all time, has created the perfect storm for a market boom, with prices across Whitehorse growing dramatically. Latest REIV statistics for the June ’21 quarter show house prices across Whitehorse increased an average of 8% on the March ’21 quarter.
The demand for rental properties in the Whitehorse market has mirrored the sales trend towards larger properties with yards, plenty of living space and additional bedrooms to accommodate the realities of increased time at home and remote working.
Property development in Whitehorse has slowed, leading to a shortfall in available stock across Whitehorse. While demand is still high, this should prove fruitful for developers in the coming year. It has also boosted values in the established unit and townhouse market in Whitehorse.
While the last 18-months has taught us that we never quite know what is ahead of us, the short to medium term looks very positive in Whitehorse.
In this year’s Report, we examine the market in your area and investigate the infrastructure improvements that will add to liveability in Whitehorse. Macquarie Group economist Martin Lakos looks into the factors driving price growth, and Jellis Craig CEO Nick Dowling makes his predictions about what is next for the property market.
We hope you enjoy our 2021 edition of The Report and we look forward to guiding you through the sale or purchase of your next home.
Troy Sheehan
Managing Director
Daniel Bullen
Stephen Le Get
© Jellis Craig 2021