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Predicted Property Market in 2016

5 Jan 2016 Melton 0 Comment

Last year saw a rise in the property market value in Australia, especially in Sydney and Melbourne. Syney finished the year off with a growth of 12.8% while Melbourne finished the year off with a growth of 11.8%.

In 2016 experts are expecting a huge halt on property market value with their predicted growth of Sydney’s property market to be 3% and Melbourne to be just 1%

In the past 3 months the property market in both Sydney and Melbourne saw a decline in value by Sydney 1% and Melbourne 0.5%

Experts say that a further decline is expected this year but with high population growth and stronger economic conditions the fall won’t be more than 5%

Brisbane and South East Queensland are predicted to outperform Australia’s other cities. Reason being: Both have been around the bottom for property value growth therefore the only way is up. Another supporting reason would be that yields are much higher in Brisbane than that of Sydney and other cities alike and affordability is superior also.

The highest rental yields in Australia belong to Hobart and Darwin, which currently average 5.4% according to Corelogic RP data. While Hobarts yield rises Darwin rents are falling which could make for an interesting outcome this year.

Canberra and Adelaide’s property market is predicted to stall with over supplied housing.

 

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