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1.Market Observations

29 Nov 2012 (The Age) – Warnings as outer suburbs property market teeters

(29 Nov 2012, The Age, p7, Chris Vedelago)

‘MELBOURNE’S outer-suburban property market is facing a serious slump as distressed buyers and builders cancel one in every three new home purchases. The collapse could have serious repercussions for the state economy and the building industry, which employs more than 250,000.’

‘ ”We’ve never seen this before, so it’s a very strong signal that the fundamentals are wrong,” said Colin Keane, director of the analyst group Research4, who compiled the new research. He said the current cancellation rate of more than 30 per cent compared with an average two years ago of about 5 per cent.’

Read more at TheAge.com.au

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