Confidence in the Melbourne property market is on the rise, according to one leading property analyst.
The city of Melbourne is set to record a modest house price recovery this year, Louis Christopher, managing director at SQM Research has said.
“We have already noticed that vendors have become more confident since the start of the year in areas such as Albert Park, Carlton, Port Melbourne and Toorak,” he said.
“We think this confidence will spread to other parts of inner and middle Melbourne.
“However, we hasten to add there is still a lot of stock on the market, particularly in some outer ring areas that we cautioned on last year.
“We are also cautious of Docklands and Southbank right now. There are elevated vacancies in these areas and we are aware of yet more developments coming onto these localities.”
However, according to SQM Research’s Melbourne Housing Boom and Bust report “the best returns out of Melbourne for this year will likely come from houses in the inner city, excluding Docklands and Southbank".