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Market Snapshot - Oct 2008

Over the previous 2 months the Melbourne property market has again gathered momentum as the upward movement in interest rates has come to an end. The start of 2008 saw a general price reduction of between 5 and 10 per cent after last years record price increase. Once again we are seeing multiple bidders at quality property auctions. Quality properties are attracting a lot of interest while other properties are taking longer to sell. These conditions are symptomatic of normal market conditions.

I believe over the next 12 months we will again see prices rise albeit slowly. For the first time in 7 years interest rates have been reduced. This has renewed the confidence of buyers who once again are coming out of the woodwork.

 

 

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