The Melbourne apartment market has recorded weaker fundamentals in the three months to the end of June, marking three consecutive quarters of falls in value.
Data from Australian Property Monitors (APM) has highlighted a 1.2 per cent dip in the average value of apartments in the city over the three months to the end of June this year to AU$392,862.
This follows a 1.7 and 4.8 per cent fall in the preceding two quarters.
Senior economist for APM Dr Andrew Wilson noted this overall weakness looks set to continue for some time as more new apartments are entering the market all the time and this is pushing down prices.
Meanwhile, Australian Property Investor recently reported an increase in the number of private sales that are taking place across the city, as buyers and sellers alike look to minimise costs.
Buyers advocate at Infolio Cameron Deal told the news provider: "You're not competing with the wider market, therefore you should be able to buy a property for the right price rather than [a price] inflated by auction conditions."
Posted by Steve Douglas
