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However, the tide appears to be turning. Cray noted that clearance rates have improved significantly, and home price growth in Melbourne is on the rise — even if modest, with prices nudging 1.5% higher over the past year. This uptick suggests a revitalization driven partly by improved market fundamentals.
Population Growth and Long-term Prospects
One of the critical drivers of Melbourne's recovery is the city's population surge, which has now surpassed Sydney's. With increased migration, Melbourne is expected to continue its population expansion, underpinning future housing demand.