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Smart investors could grab themselves a bargain in Melbourne with market conditions softening in the Victorian state capital.
Just $350,000 could fund a one bedroom investment property, according to Wakelin Property Advisory, with opportunities particularly prevalent in the inner-north suburbs such as Coburg, West , Thornbury, Ascot Vale and Clifton Hill.
“Prices for investment grade properties have generally remained resilient in this softer market, as most owners are discretionary vendors, and won’t sell when the buyers aren’t out there,” said Monique Sasson Wakelin, managing director of Wakelin Property Advisory.
“However, our team is finding that there are some motivated vendors out there who are discounting properties by 10 per cent or more below fair value in light of weaker demand, notwithstanding the modest softening in prices overall.
“We are clearly in a buyer’s market at the moment.”
But investors will need to act quickly to take advantage of the softer conditions as the market could rebound as soon as spring of this year, according to Ms Sasson Wakelin.
“With financing figures from the Australian Bureau of Statistics showing lending approvals up over the last couple of months, it indicates that the current softening is temporary and so provides a short-term opportunity for investors,” she said.
“Smart investors and first home buyers should be seizing the current opportunity.”