Strong Growth Predicted for Melbourne Housing Market in 2023 Amid Supply-Demand Imbalance

Reference from Cushman & Wakefield Melbourne The current topic of focus in the market is the supply-demand imbalance, which continues to be a noteworthy subject in 2023. According to recent data, housing prices are projected to exceed initial expectations. Analysis from Westpac, the Pacific Bank, indicates a robust growth rate of 4% for Melbourne this year. In a recent report by Charter Keck Cramer, it is suggested that apartment prices in Melbourne could potentially surge by as much as 25% this year. The population growth index, coupled with the high cost of construction and a low supply of available buildings, is expected to keep upward pressure on housing prices.