The Melbourne market has staged a remarkable turnaround, transitioning from a struggling market to one showing promise of considerable buoyancy in the near future.

Three months ago we reported the first signs of recovery across Greater Melbourne markets, but our latest quarterly survey of sales activity has provided compelling evidence that Melbourne is now coming back strongly.

The number of locations classified as rising markets has increased five-fold and recovering markets have quadrupled, while plateau markets have halved and the number of declining suburbs has dropped by 67 to just 9.

That’s quite a turnaround.