Melbourne Property Market Update – June 1, 2013
By Peter Sarmas on 1 Jun 2013
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Source: ABC
As we gear up for next week’s Reserve Bank cash rate announcement, a number of factors are hindering strength in the property market.
• According to Cameron Kusher of RP Data, buyers looking to purchase a home in the near future are holding out for improved confidence, which remains low despite last month’s rate cut.
• A new survey also revealed that two thirds of Gen Y are being kept awake at night by financial concerns. They are more likely to save for a holiday or wedding than a house deposit, preventing their entry in the housing market.
• For those who are looking to buy, experts warn that you shouldn’t fall into the trap of choosing a real estate agent based on price.
• If you’re off to an auction today, read Catherine Cashmore’s handy summary of last weekend’s auction results. She considers the impact the drop on quality property listings is having on the market.
• Finally, we took a look at the world’s tallest (and most luxurious) residential towers. You might be surprised to see where Melbourne landed on the list.
