It looks like Melbourne is getting ready to bounce back as the city’s property market is showing positive signs of growth despite the quiet months of winter.
According to latest CoreLogic-Moody’s Analytics Australia Home Value Index Forecast, it expects the city to have a “modest recovery,” and a forecast of 10.8 per cent drop in house values in Greater Melbourne this year. However, the fall is after the decline last year, which was 0.3 per cent.
After the fall this year, the market is forecasted to increase by 1.3 per cent in 2020 and 6 per cent in 2021.
“By early 2020, house values across most of Greater Melbourne are forecast to experience a return to month-on-month growth,” according to the forecast.
“Overall, Greater Melbourne house values are expected to tick up 1.3 per cent in 2020, with Melbourne-inner east and Melbourne-northeast leading the recovery.”
Meanwhile, regional Victoria is “holding up relatively well” when it comes to house values in the coming months, with forecasts reaching 3.3 per cent next year and 1.5 per cent in 2021.
As for other parts of the country, Moody’s national index reveals Sydney, Melbourne, Brisbane, Perth, Adelaide, Darwin and Canberra will have steady growth in 2020.
Meanwhile, Sydney and Melbourne housing markets, Moody predicted, there will have a fall by 9.6 per cent and 10.8 per cent this year, respectively.
For those planning to buy properties Australia, especially in Melbourne and Sydney, now is the perfect time as prices are lower than before.
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