Melbourne October quarter median house and unit price round-up
Larry SchlesingerDecember 8, 2020
Melbourne house prices are forecast to grow by between 0% and 3% in 2012, according to Australian Property Monitors.
“Melbourne’s housing market will struggle for growth in 2012 as it continues to adjust to the affordability barriers created by the strong price rises of 2009 to 2010,” says APM senior economist Andrew Wilson.
“The Victorian economy is set to continue to waver early in 2012 as the construction sector struggles to find replacement work following the abatement of the new apartment boom of 2010 and 2011.
“An oversupply of apartment stock looms, which will keep a lid on rental growth and subsequent investor activity in what is already the most tenant-friendly capital city rental market."
Larry Schlesinger
Larry Schlesinger was a property writer at Property Observer