Supply and demand varies across the different areas of Melbourne, Australian property investors have been warned.
The Real Estate Institute of Victoria (REIV) said that "sensible" buyers of Australian property in the state will acknowledge this fact.
It went on to say that, in some suburbs, the volume of property for sale increased, resulting in reduced clearance rates.
However, in others, volumes have increased and clearance rates have improved, when compared to the Melbourne average.
"This would indicate that, in a range of suburbs, supply is exceeding demand this year; the most significant examples are Clatyon, Box Hill South, Bulleen, Viewbank, West Footscray and Blackburn South," a statement from the REIV on its website reveals.
It goes on to say that buyers in these suburbs have the upper hand compared to the same time last year.
Last month, the REIV revealed that the greatest price growth over the past five years was achieved by properties within a 10 km and 20 km radius of Melbourne's central business district.
Posted by Craig Francis
The Real Estate Institute of Victoria (REIV) said that "sensible" buyers of Australian property in the state will acknowledge this fact.
It went on to say that, in some suburbs, the volume of property for sale increased, resulting in reduced clearance rates.
However, in others, volumes have increased and clearance rates have improved, when compared to the Melbourne average.
"This would indicate that, in a range of suburbs, supply is exceeding demand this year; the most significant examples are Clatyon, Box Hill South, Bulleen, Viewbank, West Footscray and Blackburn South," a statement from the REIV on its website reveals.
It goes on to say that buyers in these suburbs have the upper hand compared to the same time last year.
Last month, the REIV revealed that the greatest price growth over the past five years was achieved by properties within a 10 km and 20 km radius of Melbourne's central business district.
Posted by Craig Francis
