Melbourne property prices a talking point
A new survey has indicated that property prices may continue to fall for some time, although The Real Estate Institute of Victoria has spoken to quell the concerns of Melbourne property owners.
The survey was published by Australian Property Directions and quoted by Nathan Mawby in a September article in the Herald Sun. According to the survey, an increase in prices may not happen until 2014. This will be part of a general improvement occurring in all Australian capital cities.
Clearance rates for real estate auctions are up on last year’s figures but listings are a long way behind. According to the Victorian president of the Australian Property Institute, Justine Jacono, the downturn in prices is being led by residential property, with industrial and commercial sectors expected to follow.
The Real Estate Institute of Victoria has a different view, insisting that prices have already reached their expected minimum. Robert Larocca, a spokesman for the Institute, told the Herald Sun:
Larocca went on to say that consumer confidence will be a key factor in a return to higher property prices. If the Real Estate Institute of Victoria has the correct view of the situation, real estate agents in Victoria will need to do some serious business card printing in order to cope with the expected increase in properties on the market.
The survey was published by Australian Property Directions and quoted by Nathan Mawby in a September article in the Herald Sun. According to the survey, an increase in prices may not happen until 2014. This will be part of a general improvement occurring in all Australian capital cities.
Clearance rates for real estate auctions are up on last year’s figures but listings are a long way behind. According to the Victorian president of the Australian Property Institute, Justine Jacono, the downturn in prices is being led by residential property, with industrial and commercial sectors expected to follow.
The Real Estate Institute of Victoria has a different view, insisting that prices have already reached their expected minimum. Robert Larocca, a spokesman for the Institute, told the Herald Sun:
“While we will only be certain that the bottom of the current cycle was reached after it has happened, REIV analysis indicates we have been at the bottom of the residential cycle in terms of prices and demand for the entirety of 2012.”
Larocca went on to say that consumer confidence will be a key factor in a return to higher property prices. If the Real Estate Institute of Victoria has the correct view of the situation, real estate agents in Victoria will need to do some serious business card printing in order to cope with the expected increase in properties on the market.