Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Property market to 'come off the boil'

Staff Reporter 4 minute read

By: Staff Reporter

While the Melbourne market experienced dramatic growth last year, RP Data expects the trend will ease, with capital cities Brisbane, Perth, Adelaide and Sydney all set to outperform Melbourne over the coming year.

Speaking at the Australian Banking and Finance innovation conference in Sydney, RP Data national research director Tim Lawless said the Melbourne market has experienced 20 per cent growth in property prices since 2007.

“Melbourne has had an extraordinary run of growth,” he said.

Advertisement
Advertisement

According to Mr Lawless, key drivers like low interest rates, good rental yields and first home buyer benefits all contributed to the capital city’s growth spurt.

However, he said Melbourne will “come off the boil” over the next 12 to 18 months.

“Melbourne is probably not going to be performing at a top level – probably underperforming – but we will start to see some of the other cities that haven’t shown strong performance like Brisbane, Perth and Adelaide, which still have plenty of drivers.

"Western Australia and Queensland are still very much driven by the resources sector, which will continue to support property price growth in those states."

Meanwhile, Mr Lawless said that South Australia still has the lowest rate of unemployment together with a lot of infrastructure projects, all of which will contribute to solid growth performance over the next year or so.

PROMOTED CONTENT


Property market to 'come off the boil'
default
TheAdviser logo

If you’re feeling overworked and overwhelmed in this fast-paced mortgage market, it’s time to make some changes, and the Business Accelerator Program can help! Early bird tickets are on sale now. Work smarter, not harder, this year.

default

 

more from the adviser
Renee blethyn NextGen.Net appoints head of broker

NextGen.Net has appointed its inaugural national head of broker ...

BBS Summit 2021 ta Better Business Summit and Awards Sydney postponed

Due to the ongoing COVID-19 resurgence in Sydney, the NSW leg of ...

Andrew Moulds Darren Smith ta Lend adds FleetPartners to platform

Lend has integrated vehicle fleet leasing and fleet management pr...