The article discusses the current state of the property market in Melbourne's western suburbs, highlighting a significant decline in house prices. Here are the key points:
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Price Decline: House prices have dropped by 30% since their peak in February this year.
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Market Dynamics: The market is described as a "buyer's market," with many properties remaining unsold for extended periods, sometimes up to six months or more.
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Economic Outlook: An economist suggests that buyers should take their time and be cautious about making hasty decisions due to the slow-moving nature of the market.
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Affordable Suburbs:
- The most affordable suburbs in Melbourne (houses) are listed, with Wyndham Vale being one of them at a median price of $616,000.
- Other affordable suburbs include Melton (583,250), and Wallan ($620,000).
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Property Example: A specific property is highlighted: a four-bedroom house in Wyndham Vale for sale at $660,000.
The article concludes by noting
Read the full article at Property News - Latest Real Estate Market News
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