Melbourne property slowdown08 October 2015 by News Desk
The price of houses in Melbourne, Australia, is set to rise by just 5% next year.
House price inflation in Melbourne is currently 11.5% but is forecast to fall to 5% in 2016 in line with the continuing slowdown in price growth.
The cost of apartments is also forecast to soften, rising by just 2% in the coming year, compared to price growth of almost 3% over the past 12 months.
Falling property prices in Darwin and Perth is forecast to drive down the national average house price growth to 3.9% compared with an average of 4.1% in the past five years. Apartment prices will follow the same trend, according to valuation company Propell in its latest residential report.
Darrell Todd of thinkingaustralia says: “The continuing slowdown in house price growth in major capital cities is good news for potential migrants. And with each passing month the market is moving in the buyers’ favour.”