This is the third in a series about the current state of play in our major property markets based on Australian Property Monitors January Housing Market Report.
Today I feature Melbourne’s real estate market and I’ll cover other states over the next few days.
Here’s what Dr. Andrew Wilson of A.P.M had to say about what’s happening in Melbourne:
The Melbourne housing market recorded a solid year of buyer activity through 2013 with most price sections, buyer types and suburban regions reporting growth.
The inner-east prestige market and the outer-east, mid-price range markets were the best performers over the year, with prices growth over 10 percent.
The Melbourne market overall will record prices growth of up to 8 percent over 2013, which is the best result since 2009 when prices increased by 15 percent. Despite a solid year of prices growth, the Melbourne median house price will remain at around the levels recorded in 2010.
The Melbourne housing market gave definite indications of waning through the latter part of 2013, with auction clearance rates slipping in the face of an unprecedented end of year surge in listings.
Market activity should remain solid through the autumn period, although buyer activity is set to moderate through the year.
Expect Melbourne’s median house prices to increase by between 3 and 5 percent over 2014.
As you can see from the following graphics the markets are very fragmented, with certain regions exhibiting significantly more growth than others over the last year…
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