House prices set to fall in Melbourne
Since the beginning of last year Australian real estate prices in many major cities have decreased by around 8 per cent and according to some expert’s house prices across the Melbourne real estate district have further yet to fall.
Stock levels across Melbourne are running high, recent estimates suggest more than 40,000 houses remain unsold and a further 14,000 apartments are listed for sale. Real estate developers have been busy building homes for future generations – the amount of apartments currently under construction is roughly 80 per cent higher than the long-term average.
One recent study named Melbourne real estate as some of the most unaffordable throughout the country and in the top five of least affordable property markets across the globe.
Several economists believe the market is ripe for price adjustment and that in the next couple of years residential property prices in Melbourne will be affordable to the masses rather than the privileged few.