Melbourne’s residential market is on track to reach a double-digit price growth as soon as the beginning of next year, according to one analyst.
Louis Christopher, Managing Director of SQM Research, believes that momentum has been building in Melbourne since the Federal election in May, and is confident of the price growth – even without the stimulus of another rate cut.
There are early signs that the market is recovering – with a number of elements such as lower mortgage rates, a relaxing of credit restrictions, recent tax cuts, reduced stock on the market and a general feeling of confidence in the housing market being the main drivers of improved conditions.
With recent rising auction clearance rates there is an indication of increasing house prices, and historically this has been the case, however just how much of an upturn remains to be seen.
"At the moment, advertised stock levels are extremely low, creating some competition and urgency among buyers”, stated Christopher.
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