Following a strong year in real estate in Carnegie and other suburbs in Melbourne, many people are beginning to wonder what is in store for 2014.
The Real Estate Institute of Victoria (REIV) has released its forecast for the property market in the state for the new year.
While further rises in house prices are expected, growth is forecast to be moderate, which could be encouraging for first home buyers looking to purchase Carnegie real estate.
Consumer confidence has been falling across Australia, which has historically led to a decline in auction clearance rates – as Melbourne is currently experiencing.
"Then, another 6 to 9 months on, historical trends show house price growth starts to slow. If this pattern continues, we could expect the growth in Melbourne prices to start to moderate around med- to late-2014," REIV CEO Enzo Raimondo said in a December 17 media release.
This forecast should be encouraging for investors and homebuyers as the market reaches towards more sustainable growth before the Reserve Bank meets in February to decide on whether to raise the official cash rate.
For more information on how the 2014 property market is expected to develop, contact Matthew Hurlston at Ray White Carnegie today.