MORE PROPERTIES FOR SALE

Written by Melanie Toye, May 2012

Victoria rates second highest in properties for sale

According to RP Data, Victoria’s number of listings increased 35.2% in the past year, from 53,110 properties on the market to a massive increase of more than 71,000. ACT took the lead with a 37 percentage increase.

The RP Data Property Capital Markets Report for 2012 implied Melbourne sales volumes will continue at a snails pace, resulting from the universal slowdown of current market conditions. Potential June interest rate cuts aren’t expected to boost confidence in higher levels of buying activity either.

It was reported in 2010, the average time a property was on the market was between 36 and 43 days, with buyers owning properties on average between eight and ten years.

ABC reporter, Neal Woolrich, stated, “… the underlying problem remains: too much housing and not enough buyers willing to take the plunge in these uncertain times.”

With more properties on the market there is more choice for the buyer, however buyers are scarce during these unsettling world economic times.