Property prices in Melbourne’s west continue to fall, according to new data.
New figures from property analyst Corelogic show that house prices across the west fell by 1.2 per cent in the past month, with a 7.2 per cent fall across the past 12 months.
But Brimbank is well placed to bounce back, according to Douglas Kay agent Peter Kay.
“There’s still a lot of demand in Brimbank,” Mr Kay said.
“The key to vendors achieving successful sales is just to price the property correctly. The prices of 2017 and 2018 have definitely gone, and looking back on it feels like the last two years have been an illusion.
“It’s key for sellers to understand that that boom time in the property market will go down historically as most likely a once off.
“This year we’ve explained to clients that there needs to be a real motivation to sell.”
Mr Kay said he believed the worst of the property price decline, which has seen prices fall nationally by 6.3 per cent in the past year, was over for Brimbank.
“The market has already adjusted a lot since last year,” he said.
“We’re seeing the properties that are priced with this adjustment still have high demand.
“I think that given we have reduced the prices, and people are still entering the market, and given that we’re in a comfortable position of not being above the average price in Melbourne and our proximity to the city is still very close, I think we’ll be immune from any further reductions.
“With more properties coming on the market that are well priced, natural competition will kick back into place.
“I think we will be one of the regions set for capital growth sooner rather than later.”