Several Melbourne bayside suburbs, including one of the most prestigious, have recorded steep drops in the last three months.
Experts say high rates and a slow market are contributing the declines.A cluster of well-heeled suburbs on Melbourne’s bayside have recorded the steepest house price falls in the city over the past three months, and experts say a sluggish market and high interest rates are to blame.
CoreLogic head of Australian research Eliza Owen said the price falls in Albert Park were significant. “They’re inner-city suburbs where people are less under pressure to sell. Some of the people who have investment properties in that area are looking to sell before land tax comes in at the end of the year.”
Clifton Hill and Abbotsford, two neighbouring, inner-north suburbs, were among the 10 locales with the deepest declines over the past three months. There, values fell 6.2 per cent and 6 per cent, respectively.
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