Melbourne ripe for more price growth in 2015

Melbourne ripe for more price growth in 2015

8 Jul 2015 By: Greg Hocking 0 Comment

As we wrap up the first week of this new financial year, the ‘vibe’ on the street is upbeat.

According to national data provider CoreLogic RP Data, 76.7% of auctioned homes sold under the hammer across Melbourne. Senior commentators see continued good news for many vendors in 2015/2016.

“We’ve seen solid growth so far this year with a 3.5% increase in the Melbourne median house price in the March quarter and a similar – if not greater – increase expected in the latest June quarter,” Real Estate Institute of Victoria president Enzo Raimondo reports.

“The market continues to deliver an impressive clearance rate with about four in five homes going to auction selling. This, coupled with low interest rates, should see a steady market with some gains, especially in Melbourne’s east, in the second half of the year.”

CoreLogic RP Data research analyst Cameron Kusher thinks Melbourne’s overall housing value growth will continue in 2016, albeit at a slower pace than its 10.2% rise in 2014/2015. Historically low interest rates will stay put.

It sounds like this real estate good news story is far from its climax. Contact us today about how we can help your property find a captive buying audience.

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Greg Hocking

 

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