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Melbourne unit market outperformed Sydney and Brisbane in the past 20 years, but may not keep the leading position over the next decade amid oversupply of apartments in the past five years.
Property experts warn Australia lags the 1.2 million new homes target, agreed by governments to address the shortage of accommodation which has sent rents skyrocketing.
The heat is coming out of last year’s surprise housing recovery, with the pace of price growth tipped to halve, held back by affordability constraints.
Analysts expect residential construction to fall next year, which is a worry because a housing supply squeeze can lead to higher rents and ultimately inflation.