During the pandemic, the property market in Victoria was really strong, especially for family homes.
Houses have increased in value at a higher rate than units. Now we are seeing a big difference in price between houses and units and in most markets houses are quite a bit more expensive.
However, that rapid rate of growth in prices has slowed down recently.
With a high percentage of units being used as rentals in Victoria, due to low rental vacancies and the ability to get a high rental price, we are now seeing a shortage of units or lower-priced properties.
This, combined with the large difference in price between homes and units, is making it difficult for buyers in most markets with most properties being way over their budget.