Melbourne investors come under pressure

Listings surge in Melbourne

The latest figures show that total property listings overall remain subdued.

However, there has been a surge of new listings coming to market in once capital city: Melbourne.

CoreLogic showed this in their latest figures:

It would be difficult to pin this on one specific factor, but it seems that a decent share of investors are selling up.

Melbourne has relatively lower rental yields compared to other capital cities, and recent changes to property and other taxes (Airbnb, vacancy taxes, "Covid levies", etc.) and tenant rights have not helped landlords, compounding the increase in mortgage rates.

The latest blow for investors will be land taxes being ratcheted up in Victoria to help pay for the state debts. 

This has taken the edge of housing prices in Melbourne relative to other cities.

The question is whether new housing supply is now stymied as investors shy away from new apartments, and whether a rental shortage ensues. 

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