The national property market is reaping the benefits of the low cash rate environment – and this is also the case in Melbourne.
BIS Shrapnel explained how Melbourne is especially strong at the moment, as its market is tight and buyers and investors want to make the most of the 2.5 per cent cash rate.
The report, titled Residential Property Prospects 2014 to 2017, predicts that property prices won't start to fall until 2016-17 when housing stock has improved across the country.
BIS Shrapnel senior manager and study author Angie Zigomanis noted how more properties are being constructed to meet demand, but there will eventually come a point when this is reached.
It's estimated that 184,400 new dwellings got underway in 2013-14, followed by a further 190,000 over the next financial year.
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