Melbourne house prices suffered a little, because of its extended Covid 19 lockdown which impacted market activity in 2020, commencing in late October the Melbourne property market has rebounded strongly and is likely to deliver 8 to 12% capital growth to date over the next 12 months in the property market.

Westpac is expecting Melbourne dwelling values to rise 10 per cent in 2021 and 2022, with the market moving into a sustained boom.

In February, CBA forecast property prices would rise by 8 per cent in 2021 and 6 per cent in 2022, with house prices to rise 16 per cent in that time and unit prices by 9 per cent.

NAB is currently forecasting house price growth of around 10 per cent for Australia’s capitals in 2021, with apartment price growth likely to be a bit more subdued, particularly in Melbourne.

ANZ recently said it expects Melbourne’s house prices to lift by of 16 per cent over the course of the year.