According to REIV’s quarterly data, the typical metropolitan house price fell $32,000 or 2.9%, to $1.081m in the three months to June 30. That puts 21 once million-dollar suburbs on special – giving buyers a chance to get in without the seven-figure price tag.
Suburbs from Altona North to Watsonia, have dropped out of the million-dollar club, and many more could soon slip below seven figures. However, REIV president Richard Simpson said that this would not last long. “Once interest rates do stabilise, we think housing will as well and start an upward trend”, said Simpson.
However, lenders are not so positive, with a recent survey conducted by NAB Economics, revealing the number of Victorians who think now is a good time to buy fell from 25 per cent in March to 21 per cent at the end of June.
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