Melbourne’s property market is seeing a positive annual price growth. The capital city’s property prices have finally made a comeback since early 2022. Melbourne’s outer east region has exhibited the highest growth rate of 3%. First-time home buyers are playing a significant role in this resurgence, primarily driven by the demand for affordable suburbs. The demand is particularly strong for locations close to schools and essential amenities. With the rental market remaining highly competitive, the rising rents are motivating more first home buyers to transition from renting to homeownership.

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