Things can turn around pretty quickly in the property game, it wasn’t that long ago that prospective buyers were throwing money at vendors for fear of paying more if they waited as prices rocketed.
The property market in Melbourne is cooling and it should prick the ears of potential buyers with prices sliding, and according to the experts the key to making a good buy is all in the timing.
Uncertain vendors in Melbourne and Sydney are taking the opportunity to sell before auction at an increasing rate.
Fresh research from property analysers SQM Research show house prices in Melbourne and Sydney could fall by up to 4 per cent this year.
Melbourne’s house and unit prices are closing the gap on Sydney and are the closest they’ve been for four years.
Our northern neighbour Sydney came second, behind only Hong Kong which ranked as the world’s most unaffordable city for property.
The Real Estate Institute of Victoria data says 154 out of Melbourne’s 402 suburbs have a $1 million or more median house price.
Akin to an ‘end of year sale’, a property expert from Channel 9’s The Block says this can be a great time of year to snap up a bargain.
In a nation-wide first, a Melbourne vendor says they are happy to accept the notoriously volatile digital currency as payment for their property.
Melbourne property is outperforming Sydney, who has joined Perth and Darwin as the Australian capital cities to record a fall in house prices over the past three months.
