Melbourne real estate boom over
Melbourne real estae prices are beginning to fall giving rise to expert's predictions of a property bubble implosion.
The last couple of years of fast rising property prices have created a seller's market in Melbourne and new buyers coming to market have struggled to gain a foothold in the property stakes. Last year average property prices peaked at just over $600,000 but latest information shows the median price has fallen to $565,000 in the last few months.
Residential real estate experts suggest the current situation is due to the quick succession of interest rate increases and that prices had risen far too high too quickly with the result of excluding many would be homeowners from joining the market.
Just how long prices will continue to fall is in question but several leading economists have been expecting a period of price re-adjustment for some time now.