The Latest CoreLogic’s Home Value Index (HVI)

‘ With the increased interest rates over the last year, and small reprieve, buyers are still nervous about the forecast of what the rest of the year and early next year will look like especially in Melbourne and Sydney as the fallout from the lockdowns is evident across shopping strips and centres across the suburbs.

I cannot recall seeing so many empty shops in my life across Melbourne. Many businesses have succumbed to the continual uncertainty and moving away from traditional shopping to online shopping. Also many builders and developers have folded as many tradespeople have gone interstate for work.

This has a flow on effect to all suppliers and businesses. What will 2024 look like? If the interest rates remain steady, then buyers and investors will return to the market but with reduced borrowing power. Vendors will need to adjust expectations, but those looking upgrade will come off much better. ‘

https://www.corelogic.com.au/news-research/news/2023/home-value-index-shows-housing-values-increase-in-june,-but-the-pace-of-growth-has-slowed