Victoria is a ‘buyer’s market’, according to Harcourts Victoria chief executive officer Brent Pullar.
In the September 2010 quarter, the Real Estate Institute of Victoria reported that the median price for a house in Melbourne increased just 0.9 per cent, while the median price for a unit in Melbourne increased by just 0.3 per cent.
“Not only are properties in Victoria now slightly more affordable, but buyers are simply spoilt for choice,” Mr Pullar said.
“Currently, there are a lot of properties on the market so buyers can afford to be more selective and specific when buying a property.”
But, according to Mr Pullar, property price growth is unlikely to stay flat for long.
“I’m confident that this market will attract a lot of new entrants which will cause a new level of activity – this should eventually lift the market up again and before too long we should see a return to the growth we’ve become so used to, making now a great time to invest,” he said.