Melbourne Property Market Update – June 8, 2013
By Peter Sarmas on 8 Jun 2013
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Source: The Herald Sun
After meeting this week, the Reserve Bank decided to leave the cash rate on hold at its record low 2.75%, choosing to wait and see what impact last month’s cut has on the economy.
Other property-related items in the news this week:
• A recent survey revealed that over three fifths of real estate agents charge a commission rate between 2.1 and 3.0 per cent, though this can be higher in other states.
• Potential investors may find this article interesting – Pete Wargent outlines the basic characteristics of property as an investment.
• Curiously, men from high-income families are missing from the rental market, apparently because they’re still living with their parents.
• Confidence in Melbourne is improving, causing auction prices to swing above reserves. Catherine Cashmore comments on this, and more, in her summary of last weekend’s auction results.
• And finally, demand for retro properties seems to be on the rise. REIQ examines the current fascination with all things 50s.
