The post Melbourne property prices reach new peak again in Feb 2016 appeared first on Oak Laurel.
Melbourne property prices reach new peak again in Feb 2016
Melbourne property prices index has reached a new peak again in Feb 2016. Melbourne property prices hit new peaks in four consecutive days 24 to 27 Feb 2016. These new all time highs come after Melbourne hit new highs earlier in the month according to data from Corelogic daily property price index.
These price gains come despite prominent media stories by so called ‘experts’ that property prices in Melbourne are slowing or ‘set for price correction’, with no mention of the new peaks in prices that are being observed. Anyone can make a guess on where property prices will go but it would be nice if firstly they were backed by credible evidence and secondly they have a track record of getting it right. However, in the 24/7 news cycle I guess that it is the sensationalised headline that matters to sell papers, subscriptions or airtime.
Auction clearance rates as reported by domain.com.au still remain relativly high at 75% clearance in Melbourne on Saturday the 27th February 2016. High clearance rates at auction also suggest that demand is strong and that future property prices will rise, at least in the short term.
“I still believe that Melbourne property has a good outlook for 2016. It is such a livable city and people want to live there and own a home there” said Dr Nigel Abery (Ph.D.) Principal at Oak Laurel.
“Unlike the wild ups and downs of Australia’s other cities, Melbourne property prices have a relatively reliable and consistent upward trend without the wild swings” said Dr Abery.
“Selecting the right suburb, street and individual property is always important but Melbourne is a good starting point” said Dr Abery.
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The post Melbourne property prices reach new peak again in Feb 2016 appeared first on Oak Laurel.
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