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MELBOURNE’S apartment market is set to lurch into oversupply next year, piling fresh pressure on property prices, a leading economic forecaster says. Following a four-year apartment construction surge in Victoria, fuelled by investors and empty nesters looking to downsize, high-rise projects are now being completed in their droves. With less demand on the horizon as population growth levels out, BIS Shrapnel forecasts Victoria will have an excess of 22,000 homes by June next year. Much of those will be accounted for by inner-city abodes. Healthy demand is expected to continue for new housing in regional Victoria as high prices force homebuyers beyond the urban fringe.