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Real Estate News Releases
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(EstateNewsWire.com, November 12, 2012 ) Victoria, Australia -- Even with signs showing a recovery in the Melbourne real estate market, home owners seem unwilling to sell.
Recent research by Secret Agent, an inner-city buyers advocate group, shows that sales numbers have gone down by more than 250 (20%) across the 27 inner-city postcodes over the past two years.
A small section of Richmond, called Cremorne, has seen sales numbers decrease by 175% from 22 to 8 within just one year.
It is closely followed over two years by Carlton where sales dived 135.29% from 40 in 2010 to just 17 in 2012.
Even some of the more popular places like Brunswick and Hawthorn have experienced reductions surpassing 30%, and where property is selling, the quality seems to be declining.
The $20 million in houses sold so far this year in East Melbourne account for only a third of what was sold in the first nine months of 2009, and sales are closer to a 37% mark.
Founder of Secret Agent, Paul Osborne, said that the quality of housing in the inner city has declined consistently.
"The better locations that have pulled back are generally in pretty low debt positions and have made a decision not to sell,'' said Osborne. "The exception is Fitzroy North, which is stronger than it ever has been - they are still selling.''
There are however areas that have not suffered including North Melbourne, which has increased nearly 34.2% since 2010 and has maintained a stable number of sales over the past two years.
Parkville (28.05%) and Princes Hill (26.46%), have also avoided the slump though both have had relatively low sales volume with ten and nine houses sold respectively this year.
Mr. Osborne estimated that only 10% of properties on the market currently could be seen as a high quality buy, and he noted that the inability of owners to sell lower-grade homes makes it clear that buyers are still want a quality investment.
"The reality is we have had less come up in those inner-suburb areas - there are a flood of listings as you get further out, but they are just not clearing,'' said Osborne.
"The lower grade properties will struggle... buyers are as picky as they have ever been.''
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