Melbourne apartment prices take hit

Apartments in-and-around Melbourne’s CBD are more regularly being sold beneath the asking price as a flood of new properties hit the market, The Australian Financial Review reports.

SQM Research’s managing director, Louis Christopher, said that a heavy concentration of new stock was proving a dampener to the property market, in terms of both sales and rentals.

“While detached housing has performed well in Melbourne, there has been little to no price growth in the CBD. It shows the recovery in the property market is still patchy,” he told the AFR.

Such trends are not expected in Sydney, though Brisbane and Perth could see similar issues to Melbourne.