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BFCSA: Property prices in Melbourne falling so fast – units in many suburbs cheaper than five years ago

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Property prices in Melbourne falling so fast – units in many suburbs cheaper than five years ago

Daily Mail Australia 20:31 AEST, 21 April 2019

Nic White, Jon Talbot

 

Property prices are falling so fast in Melbourne that units in at least a dozen suburbs are cheaper than they were five years ago.

Housing data shows falls of up to 22 per cent since 2014, let alone since the dizzying heights of 2017 before the property bubble deflated.

Buyers are taking notice with traffic on real estate websites jumping as bargain hunters look to get in before the trend reverses again.

The trendy inner suburb of Abbotsford saw the biggest fall with units averaging just $450,000 – 22 per cent cheaper than 2014.

The median price in Travancore also took a hit of 18 per cent, meaning a property worth $425,000 in 2014 will now fetch $350,000.

Central Melbourne suburb, Windsor, dropped 14 per cent, while Bundoora, in the city’s north, saw a decrease of almost 10 per cent.    

But it’s not all doom and gloom, according to Graham Cooke from Finder.com.au – who compiled the latest figures.

The price drops are actually good news for first time home buyers, he said.

‘The barrier for first home buyers entering the market is shrinking. People that may have previously been pushed out of the property circle are now getting the option to buy,’ he said.

The decrease is even more marked when looking at comparisons between the 2018 and 2019 median price.

In St Kilda, where prices have dropped almost 40 per cent, a house worth nearly 1.4 million just one year ago is now worth just over $800,000.

The cheaper prices are tempting more Aussies to enter the property market, with traffic to Finder’s first home buyers pages jumping 60 per cent in the last year.

For those hoping to take advantage of the cheaper prices, Mr Cooke has some advice.

‘If you are considering buying make sure you have a game plan. There will be more competition among other potential first time buyers, with investors still largely hanging back,’ he said.

‘Focus on your savings and try and get home loan pre-approval so you’re in with a chance,’ he continued.

As well as the massive drops in Abbotsford and Travancore a total of 12 Melbourne’s suburbs boast cheaper prices than 2014.

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