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What to expect in 2016

By Heather Mellican

The Victorian property market finished 2015 on a high, with a record number of auctions held in November and December. The year marked one of the state’s largest residential property markets seen over recent years. Although clearance rates moderated toward the end of  the year still saw a number of record breaking months.

While median house price growth is expected to moderate this year, population increases, a robust economy and relatively low interest rates will continue to encourage buyer interest in 2016.

The REIV expects moderate growth across the city in 2016, with further price increases in a range of suburbs in Melbourne’s inner, middle and outer rings.
The REIV have predicted a continued interest in the Reservoir and Preston markets going into 2016 and have marked the suburbs as one’s to watch in the New Year.

Real Estate Institute of Australia spokesman Paul Bird said the inner and middle north was one of two areas in Melbourne that recorded the greatest growth this year.

“The inner and middle north will continue to grow in the first six months of next year,” Mr Bird said.

“Preston and Reservoir are likely to see the strongest growth but Northcote and Thornbury should also see solid gains.”

According to the Valuer General’s latest figures released in December, prices surged in all Darebin suburbs between April-June 2014 and April-June 2015, a pattern that is expected to continue into 2016. Preston was a top performer with a substantial 16.5 per cent jump from $676,000 in April-June 2014 to $788,500 in April-June 2015.

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