In­trigu­ing sce­nario

Herald Sun - Property - - MARKET WRAP - kamahl.cog­ KAMAHL COG­DON

WHAT an in­ter­est­ing year 2016 prom­ises to be, with a fed­eral elec­tion on the hori­zon, the prospect of in­ter­est rate hikes, the con­tin­ued crack­down on for­eign buy­ers and lend­ing curbs on in­vestors.

Th­ese could all have a big im­pact on Mel­bourne’s prop­erty mar­ket.

We started to see the mar­ket change to­wards the end of last year. Auc­tion clear­ance rates dropped off as the num­ber of homes on the mar­ket peaked and the heady price growth seen through much of 2015 started to peter out.

The lat­est CoreLogic RP Data He­do­nic Home Value In­dex con­firmed the shift, show­ing home val­ues grew just 1 per cent in De­cem­ber af­ter slump­ing 3.5 per cent in Novem­ber. The De­cem­ber re­bound saw Mel­bourne post a 1.9 per cent fall in me­dian home value for the fi­nal quar­ter of 2015 and round out the year with a $610,000 me­dian price.

Most ex­perts ex­pect prices to keep grow­ing, at least in the first half of this year, but at a more se­date pace.

“While growth may not be as strong as last year ... a city­wide pop­u­la­tion up­turn and low in­ter­est rates both sig­nal con­sis­tent buyer de­mand in the first quar­ter, and into the se­cond quar­ter, of the year,” Real Es­tate In­sti­tute of Vic­to­ria chief Enzo Rai­mondo said.

With the Mel­bourne auc­tion mar­ket still a few weeks away from any real ac­tion, buy­ers can turn their fo­cus to pri­vate sales and to the coastal mar­ket.

CoreLogic RP Data re­ported more than 560 new list­ings last week, in­clud­ing 11 in Rose­bud, seven in Rye, four in Blair­gowrie and two in Port­sea.

One of the Port­sea of­fer­ings is the six-bed­room four­bath­room house at 12 Charl­ton Court.

Known as Ama­gansett, the lux­ury Hamp­tons-style home with heated pool, spa, ten­nis court and wine cel­lar is on the mar­ket with Kay & Bur­ton’s Liz Jen­son for $3.5 mil­lion-plus.

Ms Jen­son said there was not the usual vol­ume of prop­erty for sale on the Morn­ing­ton Penin­sula this sum­mer.

“It’s to­tally dif­fer­ent this year. We nor­mally have a strong sum­mer and then it slows down af­ter Easter but in 2015 it started at Easter and went all the way through,” she said.

“Be­cause we kept sell­ing in the off sea­son there doesn’t ap­pear to be as much on the mar­ket this year.”

Ama­gansett, the sixbed­room, four­bath­room home at 12 Charl­ton Court in Port­sea.

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