15 Oct 2014 By: Greg Hocking 0 Comment
The recently released QBE report Australian Housing Outlook 2014-2017 suggests the positive conditions in Melbourne’s property market are set to continue.
The report tips steady price growth will continue in Melbourne during 2014-15, helped by low interest rates, strong investor activity and consistent buyer demand. The report tips median Melbourne house prices will increase by around five per cent to sit at $695,000 by 2016.
Residential investment activity is credited in the report as a key driver of growth with investor finance making up more than 45 per cent of total residential finance in the year ending June 2014.
Upgraders and downsizers are also helping to uphold buyer demand with the number of loans to upgraders is highest in Victoria which now exceeds pre-GFC levels.
With the prime spring auction season underway, levels of auction activity have held remarkably strong with the REIV announcing the September quarter has set an all-time record of 8,165 auctions which is a full 15 per cent higher than last year.
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