New research suggests Melbourne’s property market will reverse its decline and prices will peak again in January, realestate.com.au reports. CoreLogic, a property-data firm, suggests that this spring’s surge in single-home and single-home prices may have fully corrected by early next year. Tim Lawless, head of research at CoreLogic, said Melbourne house prices peaked in November 2017 but have fallen 11.1 percent since then. Melbourne house prices started to rise in June.
The median price of a detached house and a flat in Melbourne is now $650,197. “House prices only need to rise another 5.8 per cent before they have fully recovered to their previous level. Considering that housing prices have surged 5.3% in the past three months, the recovery is still quite rapid. If growth continues at its current pace, we could see Melbourne house prices hitting record highs in January or February.” Lawless said the strength of the housing market was the result of low interest rates and a loosening of lending regulations, as well as renewed confidence in the results of the federal election and population growth. A rise in first-time home buyers has also led to a surge in housing demand.
https://www.realestate.com.au/news/corelogic-melbourne-property-values-could-reach-new-heights-by-january/? RSF = syn: news: nca: hs: article