Houses are becoming more affordable in Melbourne as the market moves downwards, with prices unlikely to increase for the next year, according to Australian property investment adviser Monique Sasson Wakelin.
Speaking on ABC Radio, she claimed there is no likelihood of short-term capital growth for prospective investors but pointed out this could be good news for those looking to buy a home.
"You can't have your cake and eat it - you can't have fabulous capital growth as an investor and high affordability as an aspiring home buyer," Ms Wakelin said, reports Property Observer.
She noted that the lack of intense growth did mean that potential buyers would be moving into a "transparent and very affordable market".
The expert suggested that a year without a jump in value is not necessarily the end of the world for investors who can take a long-term view.
Housing affordability has been a keynote issues in Australia in recent years, with lobby group Australians for Affordable Housing claiming nearly one in ten homebuyers spend more than half their income on property costs.
Posted by Steve Douglas
