After hearing Real Estate agents and Property Investors for years say, House prices only go up – the opposite has happened :
Rising interest rates have had a significant impact on Melbourne’s property prices in the past three months.
The median house price dropped 8.4 per cent – the biggest quarterly drop since 1993. The average house price has decreased by $40,000 since December.
» Average Melbourne house price down 8.4pc – Yahoo News, 26th April 2008.
MELBOURNE’S property prices have plunged 8.4 per cent, or a record $40,000, since the start of the year.
Official figures show the median house price for the March quarter was $432,500, down from $472,250 for the previous three months.
» Interest rate rises behind record property drop – The Melbourne Herald Sun, 26th April 2008.
» Urban house prices fall – The Australian, 26th April 2008.