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Melbourne Property Market Snapshot October 2009

Over the last 6 months prices for quality residential property in Melbourne has remarkably increased substantially. This has occurred because of a record shortage of supply of quality stock and continued low interest rates. Also, confidence is returning amongst buyers as the effects in Australia of the global financial crisis hasn’t resulted in the economic turmoil that many were predicting. Prices have now bounced back to surpass the heady heights of 2007.

The future looks extremely promising for those investors who are holding quality real estate. Hopefully the spring market will bring more options for those investors looking to enter the market. The Melbourne market will continue to rise albeit slowly as we have reached the bottom of the cycle. We will continue to see steady price increases into the foreseeable future.

 

 

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