Melbourne property prices show clear upward trend
Melbourne property prices show a clear upward trend after hitting a low point after previous highs at the end of November 2015. As of 20 Jan 2016 Melbourne property prices are just shy of the previous record highs that occurred at the end of October 2015 according to property price monitor core logic.Sydney property prices continue to soften and may be plateauing. No definitive trend can be observed in Perth’s property prices over the past few months. Brisbane has shown a general upward property price trend since mid 2015 but has dipped off previous high seen towards the end of December 2015. This follows data that Melbourne’s rent prices are rising in Dec 2015.
It should also be noted that this is the time of year when property sales (both auctions and private sales) are lower than average. When the peak selling and buying season arrives we will be able to get a fuller picture of where the property market is heading and at what rate.
“The data shows prices show a moderate and steady increase in the property prices in Melbourne with nothing for policy maker to be worries about” said Dr Nigel Abery (Ph.D.)
“Melbourne appears to be the best performing property market in 2016 with prices and rents increasing at a moderate and sustainable rate.” said Dr Abery
“It is important that property investors remember that the capital cities are not homogenous property markets, some suburbs will be increasing whilst others decreasing in price.” said Dr Abery
“Property is a long term investment. Australia’s population growth make investing in property in Australia’s major cities a sensible choice. These small rises and falls in property prices observed recently will seem insignificant over the longer term.” said Dr Abery
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