Help
Quote
Auction rate dip a plus for buyers
Hamish Heard From: Sunday Herald Sun September 12, 2010 12:00AM
THE failure of Melbourne's property market to bounce back from its winter doldrums has given hope to desperate home buyers.
Some property analysts have declared this spring a buyers' market after the change of seasons failed to deliver auction success rates anywhere near the 84 per cent enjoyed by agents and sellers this time last year.
Figures from real estate monitor Residex show price growth in Melbourne slowed to 0.3 per cent last month, a fraction of the 3 per cent recorded in April.
Residex chief John Edwards said the figures, combined with the high number of properties on the market, signalled better buying conditions on the way.
"It's moving towards a buyers' market, but I wouldn't say it was there quite yet," Mr Edwards said.
He said Melbourne's median unit price fell by 1 per cent during August to $451,500, signalling investors had begun retreating from the market.
House price growth was expected to slow even more in coming months.
Buyers' advocate Melissa Opie, of Keyhole Property Investment, said now was a good time to buy.
Hamish Heard From: Sunday Herald Sun September 12, 2010 12:00AM
THE failure of Melbourne's property market to bounce back from its winter doldrums has given hope to desperate home buyers.
Some property analysts have declared this spring a buyers' market after the change of seasons failed to deliver auction success rates anywhere near the 84 per cent enjoyed by agents and sellers this time last year.
Figures from real estate monitor Residex show price growth in Melbourne slowed to 0.3 per cent last month, a fraction of the 3 per cent recorded in April.
Residex chief John Edwards said the figures, combined with the high number of properties on the market, signalled better buying conditions on the way.
"It's moving towards a buyers' market, but I wouldn't say it was there quite yet," Mr Edwards said.
He said Melbourne's median unit price fell by 1 per cent during August to $451,500, signalling investors had begun retreating from the market.
House price growth was expected to slow even more in coming months.
Buyers' advocate Melissa Opie, of Keyhole Property Investment, said now was a good time to buy.
