Why now could be the best time to buy a home in Melbourne

Homeowners looking to upgrade and interstate investors seeking value are the main winners in Melbourne’s softer housing market, experts say.Local real estate agents say the Garden City’s property market is transitioning to a more balanced landscape where buyers can be more selective, but competition remains strong for quality properties that are priced realistically.Getting the fundamentals right this spring, including pricing, presentation and local market knowledge from an experienced agent, will be critical in achieving the best possible sale outcome.Home values have been softening nationally, driven by cash rate hikes, federal budget tax reforms, affordability constraints, geopolitical uncertainty, and the usual winter lull.On top of that, agents say the Victorian property market has faced pressure from state government changes to land tax and rental reforms, causing many landlords to sell.In Melbourne, median home prices were down 0.4% to $839,000 in June, and were 1.1% lower than a year ago, according to the latest PropTrack Home Price Index.Homeowners looking to upgrade and interstate investors seeking value are the main winners in Melbourne’s real estate market at the momen...