Melbourne’s surprise performance in 2013 and 2014 has continued for longer than most predicted.
Unfortunately this may mean the good times could be coming to an end in 2015.
According to RP Data, since the beginning of 2009 Melbourne property prices have gone up by almost 45%.
In 2013 Melbourne recorded price growth of between 9 – 10%, while in 2014 it recorded growth of 8.1%.
Will the VIC property market continue to rise in value in 2015?
What’s driving the VIC real estate market?
- Strong population growth.
- Strong construction activity over the last two years.
What’s ahead for the VIC real estate market in 2015?
- According to Residex the price growth VIC has seen over the last decade will not continue into the next.
- The QBE Australia Housing Outlook 2014 – 2017 states the high number of new dwellings in the pipeline is expected to tip the market into an oversupply in 2015/16.
- Your Investment Property Magazine believes the Melbourne market is the most mature capital city in terms of the property cycle, which means growth is going to peak, slow and bottom out sooner rather than later.
15 VIC suburbs set for growth in 2015 for under $400,000:
|Property type||Median price||Vacancy rate||Rental yield|
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5 additional VIC suburbs set for growth in 2015 for under $550,000:
- Ferntree Gully
- Upper Ferntree Gully
- Watsonia north
Leading infrastructure projects in the works for VIC:
- $8 billion Melbourne Rail Link.
- $8 billion East West Link project for Melbourne.
- $5.3 billion Regional Rail Link project.
- $4.4 billion Kipper-Tuna-Turrum oil and gas project.
- $1.3 billion Comprehensive Cancer Centre, along with other major health projects including Bendigo Hospital, Box Hill Hospital and the Royal Victorian Hospital.
Important population statistics for VIC:
- Forecast population for 2015/16: 6,025,000.
- Forecast population growth for 2015/16: 1.8%.
- Population growth hotspot: South Morang, Pakenham South, Geelong and Ballarat.
Warning: The information on this website is based on the personal opinions and own personal experience of property investing by Ben Everingham. Ben is not an accountant, real estate agent, financial advisor or solicitor, nor is he giving you advice. Ben is an investor who is sharing information from his own personal experiences only. Ben and his associated companies are no way liable for any loss, damage or misunderstanding caused by mis-management of any information. Ultimately you will need to make the final decision yourself based on your situation, lifestyle and independent professional advice.