Baw Baw monthly review - January 2025.
Monika Thwaites Property Manager
Market Update January 2025.
Property experts anticipate a rate cut, with a decision expected from the Reserve Bank on February 18. RateTracker data shows the probability has surged from 73% to 95% in two weeks.
Inflation sits at 2.4%, within the bank’s 2-3% target. Building approvals rose 0.7% nationally, with NSW up 19.1% and Victoria down 11.7%.
CoreLogic’s January home price data revealed declines in three of the eight capital cities.
Melbourne saw a 0.6% drop, Sydney a 0.4% decrease and Canberra a 0.5% dip. On the positive side, Adelaide led with a 0.7% increase, followed by Perth and Brisbane.
Over the past 12 months, Perth has seen the highest growth at 17.1%, followed by Adelaide at 12.7% and Brisbane at 10.4%.
Over the past 12 months, Melbourne has seen a 3.3% decline across all dwelling types. In Regional Victoria, there was a negative growth of 1.9% during the same period.
.CoreLogic data shows national rents rose 4.8% in 2024, down from 8.1% in 2023 and 9.5% in 2022. Victoria saw a 4.1% increase, with a median rent of $604 per week. In January, rental growth slowed further, with houses up 3.5% and units 3.8%.
Melbourne remains one of Australia's best-value markets for buyers and investors. After four years of price suppression, its growth potential over the next 12 years is expected to surpass other states.
Please note, the information provided is general in nature. It is always advisable to seek independent legal, financial, taxation or other professional advice tailored to your specific circumstances.
Sara Fitzpatrick PM Support
Rebecah McDowell Property Manager
Lily Nestor Property Manager
Barbra Darvell Growth Lead Property Manager/BDM
Jemma Collins PM Support