Tim Storey, Colliers International managing director of Residential, says 2018 will be another strong year in the local residential property sector.
“In recent times, we have had governments throw massive taxes at the market and banks limiting lending, but still we see unprecented demand particularly in Melbourne's inner city,” Mr Storey said.
“This is highly evident through strong settlements in major Melbourne high rises and significant rental growth with historically low vacancy rates.
“This year, we will see a very strong market on the back of our new cycles of undersupply in desired markets, record population growth and, more importantly, shortages of quality development sites.
“Stability and population growth keeps driving Victoria, particularly inner Melbourne, and we are moving towards an undersupplied market.
“2018 will be a very strong year in the residential sector.”