stiv

Ive just sold my house in the UK but am not moving to Oz until July06 as I have a contract to work in Italy for another 12months, which I'd like to see through...

Ive been considering going over to melbourne to buy a property now to invest my collateral & rent it out for a year then I'll have something to move straight into when I arrive. However I don't know too much about the state of the housing market in melbourne...are prices still dropping ? ...would it be more prudent to leave my money in the bank for a year instead...?

The MCs

Hi Stiv,
Perhaps you should post this Question in the Britvics forum too. There might be someone there with a handle on the housing market. Here's a link.. Hope it works

Dave

http://s7.invisionfree.com/BritVics/...hp?showforum=1

ABCDiamond

A very recent report by Economics agency BIS Shrapnel has predicted the Australian housing market would remain stable for the next 12 months.

However, it has tipped the Reserve Bank of Australia will be forced to increase interest rates to counter rising wage levels.

BIS Shrapnel's senior consultant Angie Zigomanis said a further 4 per cent would be added to Brisbane home prices this financial year.

The Sydney housing market is tipped to fall 7 per cent over the next three years and Melbourne by 5 per cent.

The two southern capitals have been hit by mass oversupply, particularly inner-city apartment buildings.
http://www.couriermail.news.com.au/c...5E3102,00.html

However, even as different States in Australia can have different outcomes, so can individual areas in each State. Even in my own council area, some suburbs have gone up in the last 3 months, whilst others have gone down.

Only really good local knowledge can work in this situation, and even then it may be wrong.

stiv

thanks for those links....I will be going for an inner city apartment, so looks like I should hold fire & I'll pick something up cheaper when I arrive...