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The Reserve Bank board has strongly hinted that an interest rate cut may be on the cards at its next meeting on Melbourne Cup Tuesday.
Australia’s largest property market has been notable in recent months for also being one of the most robust in the country. According to figures from RP Data, the Sydney median dwelling value only saw a marginal fall of 1% in the year between May 2010 and May 2011 – only outstripped by Canberra, which saw a median price increase of 0.8%.
Property experts have been tipping Melbourne for a correction since it became clear that the rocketing growth rates that characterised the market between 2007 and early 2010 were slowing.
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