What to expect from property in Brunswick in 2016

Looking back on the past 12 months, it's evident that the national property market has experienced plenty of positivity. However, is this likely to continue into 2016?

CEO of the Real Estate Institute of Victoria (REIV) Enzo Raimondo believes all the right signs are there, as conditions in the wider economy point towards future success. He highlighted three factors in particular; low interest rates, population growth and the strength of the economy.

Mr Raimondo explained that in the middle and top of the market, price growth has exceeded expectations, which may include property in Brunswick. There are various explanations for this trend, including increased investment from overseas, as well as the low cash rate environment.

Last year marked the first time that median house prices in Melbourne reached $700,000. Meanwhile, there was a rise in the number of million-dollar suburbs, increasing from 61 in March to 87 in September, which is good news for anyone who has invested in the Victorian capital.

Population growth boosts demand for homes

The Victorian population has also grown, as identified by the latest figures from the Australian Bureau of Statistics (ABS). The ABS revealed that in June 2015, the state's population increased 1.7 per cent from a year earlier.

This made it the strongest growth in the country, with New South Wales and the ACT ranking in joint-second place with rises of 1.4 per cent. Victoria's population also expanded at a rate higher than the national average, which also registered at 1.4 per cent year on year.

REIV analysis of the market suggests this has increased demand for property in Brunswick and other parts of the state, and there's every chance it will continue into 2016.