Family space race
Grant Rd, Somerville, notched the third highest sale at $2.2 million.
Mr Pabst said while quality family homes would continue to shine, it would be a different story for new apartments, with growing supply and tighter investor lending controls likely to hit prices.
“This trend of softening demand for new investment units commenced six months ago and prices will continue to flatten in this sector during 2016,” Mr Pabst predicted.
CoreLogic RP Data reported almost 3000 new listings on the Melbourne market in the past month, an increase of 7 per cent on the same time last year.
In all there were 22,572 properties on the market.
Mr Pabst said there was a higher proportion of holiday homes and apartments geared at investors at this time of year, with quality family homes not expected to hit the market until the resumption of the auction season in mid February.