Melbourne Property Market Update – May 25, 2013
By Peter Sarmas on 25 May 2013
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Source: AFP
The manufacturing industry was dealt a huge blow this week when Ford announced it would be shutting its Broadmeadows and Geelong factories in three years.
• In what will be a comfort for some, the RBA hinted that further interest rate cuts are a possibility, despite this month’s record low cash rate, due to a slowdown in the economy.
• Activity in the housing market looks more promising. Catherine Cashmore discussed the upswing in buyer and investor activity in the lead-up to winter.
• Younger homeowners hoping to upsize into family-friendly homes could be at a disadvantage in the future, as empty nesters are reluctant to make the shift into smaller properties.
• In an effort to create some movement in this area, the Federal Government announced a trial program to encourage pensioners to downsize, but property experts believe the initiative is too restrictive.
• Finally, if you’re ever feeling disheartened by property prices in Australia, you should take a look at this list of the most expensive apartments in the world.
