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oversupply to crunch property prices

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Melbourne’s oversupply to crunch property prices, says forecaster BIS Shrapnel
Melbourne apartment the oversupply will be significant. BIS Shrapnel tips 'very messy end' to the apartment boom. An excess of 22,000 homes by June next year.

MELBOURNE’S apartment market is set to lurch into oversupply next year, piling fresh pressure on property prices, a leading economic forecaster says. Following a four-year apartment construction surge in Victoria, fuelled by investors and empty nesters looking to downsize, high-rise projects are now being completed in their droves. With less demand on the horizon as population growth levels out, BIS Shrapnel forecasts Victoria will have an excess of 22,000 homes by June next year. Much of those will be accounted for by inner-city abodes. Healthy demand is expected to continue for new housing in regional Victoria as high prices force homebuyers beyond the urban fringe.

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Date: March 10 11:00pm
Published by: the Herald Sun
Reporter: Paul Gilder
Category: Australia Real Estate