Fam­ily space race

Herald Sun - Property - - MARKET WRAP -

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.

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