The Growth Corridor Plans focus on four metropolitan growth corridors over the coming decades and will provide for housing, jobs, transport, town centres, open space and key infrastructure across our city's newest metropolitan suburbs.
“Melbourne is projected to be the fastest-growing capital city from 2023‑2024 on, overtaking Sydney to become the nation's largest city in 2029‑2030 at just over 5.9 million people.”
It is expected that the metro property markets will continue to see a downturn during the first three-to-six months of 2023, especially across Sydney, Melbourne and Brisbane.
Zoopla says all the leading supply and demand indicators it measures 'continue to point to a rapid slowdown from very strong market conditions. We do not see any evidence of forced sales or the need for a large, double digit reset in UK house prices in 2023. We still expect house price falls of up to 5% in 2023.
Sydney, Melbourne and Hobart posted record annual falls in property prices in 2022 as higher interest rates sapped demand and amounted to the largest national decline since the global financial crisis, industry analysts say.
1. Toorak – $5.18m. Toorak, one of Melbourne's most exclusive and affluent suburbs, is a long-standing front runner for property prices so it's no surprise to see this suburb at the top of the list yet again. Toorak is located about 5km south-east of the CBD and has a range of luxury properties on offer.
Toorak has long been king of the hill, home to Melbourne's priciest, exclusive properties - and this is still true today. Why is Toorak so expensive? The inner city suburb has a combination of luxury lifestyle properties that are within a 6km radius of the CBD.
Some locations in Melbourne where we anticipate significant gentrification are places further north and west of Melbourne. Suburbs in the north include: Beverage, Donnybrook, Sunbury and Wollert to name a few. Suburbs in the west include: Geelong, Werribee and Wyndham Vale to also name a few.
1. Braybrook — St Albans (77,300 people)
' Savills says it expects to see house price growth of 1% in 2024 and a larger rebound of 7% in 2026 if mortgage lenders cut rates over the next 12 months and the base rate declines from mid-2024 as inflation falls.
A new report from Moody's Analytics forecasts that — given increased borrowing costs, elevated inflation, and a softening labour market — home prices will see a peak-to-trough decline of about 10% by early 2024. However, the report also notes that there may be some reprieve on the horizon.
Our other experts agree: The slowdown in home sales that beset the second half of 2022 will continue into 2023. Sharga believes the number of sales will continue to slow, likely hovering in the 4.5 million range, with new-home sales at around 600,000. Listings may no longer go at a lightning-fast pace, either.
The Reserve Bank of Australia is predicting a 20 per cent plunge in home prices by 2024 while the major banks are all predicting double-digit falls over 2022 and 2023.
Mr Mullighan forecast total stamp duty revenues would be $1.12 billion in 2022-23, $111 million higher than the estimate made in early June of $1.013 billion. He expects house prices to remain stable at current levels, “not fall as we're seeing in Sydney, Melbourne and Brisbane but maintaining this new elevated level”.
It's no secret that house prices are falling, but the rapid increase in interest rates is spelling bad news for the property market. Property prices could fall by up to 20 per cent by 2024, according to new internal modelling from the Reserve Bank.
The most expensive suburb close to the Melbourne CBD is the leafy suburb of Toorak. Arguably the suburb people most Australians consider to be the most expensive in Melbourne, Toorak has a median house price of $3,043,600 and is located just five kilometres from the city centre.
Melbourne is set to take the title of Australia's largest city from Sydney on September 7, 2030, according to data from McCrindle Research. Melbourne currently has about 100,000 fewer residents than Sydney, but social researcher and demographer Mark McCrindle is confident Melbourne "will take the crown in a few years".