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$40b lost in six months as Victorian property prices plummet
VICTORIAN property values have plummeted about $40 billion in the past six months.
Melbourne’s median house price of $450,000 mid-2008 is now down to $427,500, according to estimates.
And house price expectations across Australia have sunk to an all-time low, a new report says.
Victoria’s $800 billion residential property market has dropped 5 per cent - or $40 billion - overall since July, according to BIS Shrapnel calculations prepared for the Herald Sun.
The trend has opened the door for potential borrowers desperate for cheaper housing.
Read the full article here:
http://www.news.com.au/heraldsun/story/0,21985,24881569-5013926,00.html
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