Victoria Market outlook The subdued property market in Victoria is expected to rebound in the first six months of 2013, with 62% of Victorian members saying it will continue the improving trend of the last six months of 2012, especially in the regions of Greater Melbourne, Mornington Peninsula and The Mallee.
Anticipated market conditions 2012/13 Last 6 months
Next 6 months
Steady
62%
61%
Rising
15%
39%
Falling
23%
–
The spring selling period saw a modest increase in transactions across most market segments. This growing confidence is expected to spill into 2013, provided finance is readily available and low interest rates are maintained. However, it is incumbent on government and business leaders at all levels to provide and instil positive actions and confidence for communities to follow. Growth in optimism is due to stabilising global and domestic economies and greater affordability due to improved market conditions. The key influencing factors underpinning the state’s property market over the period covered by this report will be continuing low interest rates, coupled with a major outflow of metropolitan residents looking to buy affordable housing in regional centres with easy access to Melbourne, particularly those located within two or three hours of Melbourne.
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First National Real Estate 2013 Property Market Outlook