This year has been memorable for the Australian property market, with its markets fluctuating on a global and financial scale.
However, The Urban Developer has had a look forward to 2016 to see what lies in store for the Australian property industry, and things are looking promising.
Currently, house prices in Australia's major cities, in Sydney and Melbourne for example, have fallen for the first time in years, which has made for affordable city properties and opened up city properties to a wider range of buyers.
In November, house prices in Australia dropped by 1.5 per cent across, according to the CoreLogic RP Data Home Value Index for that month. It also showed that five out of the country's eight capital cities recorded declines in prices, indicating property became more affordable on a wider scale.
What this means for the new year is that the housing markets in Australia are likely to cool, which again will open up properties to wider investments. There are no signs that the country's property markets will crash, making for stable forward-looking investments.
In general the Australian Business Economists executive agree that house prices will hold up in 2016 and that the pace of growth in dwelling investment will fall from 9.7 per cent in 2015 to 2.2 per cent in the new year.
A projected estimate has also been done by the executive for 2017, which expects a smaller decrease to 1.4 per cent over the year.
This year has also been a great year for architectural development in Australia as the nation's markets have excelled with impressive growth. Numerous skyscrapers have been erected, including the world's smartest office building, according to The Urban Developer.
Offshore capital has flowed consistently into the Australian property markets in 2015, which is mostly due to an increase in Chinese investment in residential property. It seems that this flow of offshore capital into the Australian property industry is only expected to sustain itself, if not increase in 2016.