The Reserve Bank has issued further warnings around the possible dangers apartment oversupply poses to multiple property markets... Inner Melbourne more affordable if you know what to look for...
RBA says market cooling, oversupply a concern
The Reserve Bank of Australia (RBA) has issued further warnings around the possible dangers apartment oversupply poses to multiple property markets across the country.
In their Statement on Monetary Policy following last week’s board meeting that ended with the official cash rate hitting 1.5%, the central bank predicted housing investment is expected to remain strong; however it does hold concerns for some sectors.
“Dwelling investment has continued to grow strongly. While building approvals have declined over the past year, they remain elevated and the pipeline of dwelling construction is at very high levels,” the statement said.
“This is expected to support dwelling investment for some time, but also raises the risk of oversupply in some markets.”
Inner Melbourne more affordable if you know what to look for
Those looking to find a house in Melbourne’s more prestigious suburbs may be able to save themselves hundreds of thousands of dollars if they can live with a little less space.
While houses in many of Melbourne’s inner city suburbs carry a median price tag of more than $1m, figures from the Real Estate Institute of Victoria (REIV) show buyers could get themselves a six-figure saving by settling for a two-bedroom house.
The largest saving can be found south east of Melbourne CBD in Elsternwick, where the median price for a two-bedroom house sits at $929,000.
For many, that may still seem like an expensive purchase, but it is a whopping $648,500 cheaper than the suburb’s overall median house price of $1,577,500.
(Your Investment Property)
The Reserve Bank of Australia (RBA) has issued further warnings around the possible dangers apartment oversupply poses to multiple property markets across the country.
In their Statement on Monetary Policy following last week’s board meeting that ended with the official cash rate hitting 1.5%, the central bank predicted housing investment is expected to remain strong; however it does hold concerns for some sectors.
“Dwelling investment has continued to grow strongly. While building approvals have declined over the past year, they remain elevated and the pipeline of dwelling construction is at very high levels,” the statement said.
“This is expected to support dwelling investment for some time, but also raises the risk of oversupply in some markets.”
Inner Melbourne more affordable if you know what to look for
Those looking to find a house in Melbourne’s more prestigious suburbs may be able to save themselves hundreds of thousands of dollars if they can live with a little less space.
While houses in many of Melbourne’s inner city suburbs carry a median price tag of more than $1m, figures from the Real Estate Institute of Victoria (REIV) show buyers could get themselves a six-figure saving by settling for a two-bedroom house.
The largest saving can be found south east of Melbourne CBD in Elsternwick, where the median price for a two-bedroom house sits at $929,000.
For many, that may still seem like an expensive purchase, but it is a whopping $648,500 cheaper than the suburb’s overall median house price of $1,577,500.
(Your Investment Property)
