The Melbourne property market may be starting to swing in favour of buyers, as it emerges that price growth has slowed across the city. Data from the Real Estate Institute of Victoria (REIV) showed prices fell 0.1 per cent during the December quarter, negating some of the 4.5 per cent rise in the three months to September.
Enzo Raimondo, CEO of the REIV, explained that sales have been strong throughout the city, potentially as people hope to secure property in Bentleigh.
"Melbourne's outer suburbs saw the strongest capital growth in the December quarter, up 2.9 per cent over September figures," said Mr Raimondo.
He suggested a number of reasons for this trend, including better transport links and improved infrastructure. Buyers are now seeing the potential of certain regions, and it's being reflected in the latest price growth data.
Mr Raimondo described 2015 as "a remarkable year for vendors", but the next 12 months will likely see sellers finding more room for negotiation. Whether this has a long lasting impact on property prices may emerge later in the year.
Meanwhile, the September quarter Residential Property Price Index from the Australian Bureau of Statistics showed values in the Victorian capital to have risen 9.9 per cent from the previous year. On a quarterly basis, they increased 2.9 per cent.
Whichever figures you look at, Melbourne continues to offer opportunities for investment and the team at Ray White Carnegie is on hand to help. Matt Hurlston is an experienced agent with years of experience in the market and could be just the ticket for finding your next property.
If you're taking your next step on the ladder or investing for the first time, give us a call to discuss exactly what your needs might be.
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