Market stuck in a glut

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THE HIGH STOCK LEVEL OFFERS CHOICE BUT BUYERS ARE HOLDING BACK.

Melbourne’s property market is continuing to struggle with a glut of unsold stock left over from last year, as buyers hold back and vendors refuse to lower their price expectations.

Analysts RPData report that about 39,300 properties were advertised for sale in January, nearly 9 per cent (or 3100 properties) more than at the same time last year, when conditions were far stronger.

In fact, about 7000 new properties were put on the market last month, which is only marginally lower than the level seen in early 2010.

Click here for the rest of the article (Source: Pressdisplay Website)

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