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    The Melbourne suburbs where you should buy property NOW as market bounces back after COVID lockdown

    REVEALED: The Melbourne suburbs where you should buy property NOW as market is set for roaring comeback after coronavirus-induced plunge

    • Melbourne property market is set to make a comeback after COVID-19 pandemic
    • Experts are predicting a ‘feeding frenzy’ will hit the market in coming months
    • Real Estate Institute of Victoria president Leah Calnan said interest is piquing 

    Melbourne‘s property market is set to make a comeback as the city slowly recovers from the fallout of the coronavirus pandemic.

    Experts are predicting a ‘feeding frenzy’ will hit the housing market as key real estate restrictions have finally been eased after the state went into lockdown on July 8.

    Melburnians are now allowed to inspect properties – as long as they last 15 minutes. 

    The property market came to a grinding halt when the city was plunged into strict lockdown but auction numbers have more than doubled in the past month.

    Melbourne’s (pictured) property market is set to make a comeback after the city is slowly recovering from the fallout of the coronavirus pandemic

    The suburb in Melbourne that had seen the most growth in Bentleigh East (pictured) in the city's south-west, where house prices have soared 17.7 per cent

    The suburb in Melbourne that had seen the most growth in Bentleigh East (pictured) in the city’s south-west, where house prices have soared 17.7 per cent

    Real Estate Institute of Victoria president Leah Calnan said auctions were in single figures during the peak of the pandemic.

    SUBURBS TO KEEP AN EYE ON:

    1. Bentleigh East 
    2. Toorak
    3. Carnegie
    4. Melbourne
    5. Northcote

     

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    ‘That’s something we’ve never seen before,’ she told 7News.

    ‘We know the Victorian property market is really resilient and really sound, but it’s great to be back.’ 

    The suburb with the most growth has been Bentleigh East in the city’s south-west, where house prices have soared 17.7 per cent.

    Close behind is Toorak, which is just 5km south-east of the CBD, where prices saw a 16.9 per cent spike.

    Carnegie, in the south-east, has boosted by 15.2 per cent, while Melbourne has seen a 14.9 per cent jump.

    Ms Calnan said there has been a lot of interest in regional Victoria, with house prices ‘going nuts’.

    ‘COVID has allowed people to change the way they operate for work and I think everyone wants to grow their own vegetable,’ she said.  

    CoreLogic data shows regional Victoria’s house and unit value had increased by 5.28 per cent to a $387,870 median in the past 12 months. 

    In second place is Toorak, which is just 5km south-east of the CBD, where prices saw a 16.9 per cent spike

    In second place is Toorak, which is just 5km south-east of the CBD, where prices saw a 16.9 per cent spike

    Ms Calnan predicted regional property prices will rise even more in the next few months. 

    She said it is crucial for the government to support regional towns.

    She predicts buyers will be looking for property that offers more land. 

    Melbourne’s strict lockdown began to ease on September 27 when one-on-one residential property inspections were allowed to resume.

    From October 19, outdoor real estate auctions were able to take place with up to 10 people plus required staff.

    Groups of up to 10 people have also been allowed to inspect homes at the same time in metropolitan Melbourne from November 9.

    Experts are predicting a 'feeding frenzy' will hit the housing market as key real estate restrictions have finally been eased after the state went into lockdown on July 8

    Experts are predicting a ‘feeding frenzy’ will hit the housing market as key real estate restrictions have finally been eased after the state went into lockdown on July 8

    Carnegie (pictured) in the south-east has increased by 15.2 per cent while Melbourne has seen a 14.9 per cent increase

    Carnegie (pictured) in the south-east has increased by 15.2 per cent while Melbourne has seen a 14.9 per cent increase

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