From Property Observer 25-10-2012:
Wow $24k in one year...no need to hurry here folks!
The Melbourne unit market remains the weakest capital city market for both house and units, down 6.1% year-on-year.
It registered a 1.4% drop over the September quarter – the sixth consecutive quarterly fall – taking the median Melbourne unit price down a median of $381,154.
This follows APM revised the June median Melbourne unit price down from $392,862 to $386,678.
On average, a Melbourne apartment is $24,000 cheaper to buy now that it was a year ago.
Wilson attributed the continued to decline of Melbourne unit prices to a “surplus of new supply in the marketplace” negating an increase in activity from first-home buyers.
Wow $24k in one year...no need to hurry here folks!