A leading property researcher is warning that Melbourne could be in for a correction similar to that that Perth saw after the resources boom.
Residex CEO John Edwards believes that, due to an large surplus of properties, the outlook for Victoria "doesn't look good at all".
"There is a correction coming in Victoria, no doubt about it," said Edwards. "There will be a decrease in real values; the surplus in Victoria is very large, and I can't see any economic reason that's going to change."
Edwards likened the situation to that seen in WA following the resources boom.
"We saw a correction in WA, and we're going to see a correction in Victoria at least equal to what we saw in WA," he commented.
Edwards tipped Sydney, Perth and Brisbane as the markets that are likely to show the most resilience in coming months; all other states, he warned, should be treated with 'extreme caution'.
Whether you are looking to buy your first home, move home, refinance, or invest in property, a mortgage broker can help. Access loans from all the major lenders, get help with paperwork – plus there is no charge for this service. Get help from a local mortgage broker
Top Suburbs :
tweed heads south
Get help with your investment property
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus and appointment is free.
We value your privacy and treat all your information seriously - you can check out