In days gone by it was really only a fringe minority of economists that were prepared to label Melbourne and Sydney’s property markets as housing bubbles, but there’s now a growing number of mainstream economists joining the chorus.
Analysts from Citi have forecast house prices to fall by up to 7 per cent by 2018 amid lending crackdowns and lowering household debt.
Across the city, the median price has jumped by 7.6 per cent in the first three months of the year – that’s the strongest quarterly growth since 2013.
Melbourne’s house prices are set to fall between 2018 and 2020 and then settle into a period of stagnation.
CoreLogic have released a fun stat this week – particularly fun if you’re a homeowner, not so much if you’re trying to become one.
Real estate experts are tipping suburbs in Melbourne’s west and Melbourne’s north as the ones to look out for this year.
Capital city house prices for the quarter have risen 2.3 per cent and 10.7 per cent for the last 12 months, according to the latest figures from CoreLogic.
Melbourne’s house prices have grown consistently for the last four years and its median house price now sits at $795,447 with further moderate growth predicted for 2017.
An unexpected surge in property prices in December has seen Melbourne’s housing market finish the year 13 per cent higher in value than when it started.
As most pundits are probably aware, Melbourne’s house prices are predicted to slow again next year, with the median house price growth expected to be around half of what it was this year.
