The suburbs of Box Hill and Doncaster, both in Melbourne, recorded a decline in unit prices.
Unit prices at Box Hill have declined over the past five years, and the trend is related to an increase in the number of apartments, according to an article published by realestate.com.au.
"In the last two or three years, there has been a huge injection of flats. Of the units sold five years ago, most were two- or three-bedroom villas or townhouses. But once the apartments were finished and sold, the price would have been significantly reduced, "said Derek Tsao, agent of Ray White Box Hill.
In addition, a correction had been made during the past year, in accordance with the national real estate market.
"… Most buyers are looking for a second bed and do not want to raise their prices at this level. Rent returns are still very important for a single bed, "said Tsao.
So, Doncaster has seen a 3% drop in unit prices since 2014, according to CoreLogic data. The suburb has withstood the trend in Manningham, which has created a buying opportunity due to development and infrastructure projects in the area.
"This would be supply and demand because the new apartment building is on the golf course; you also have other projects in the area, "said Tony Tuccitto, Barry Plant's agent at Doncaster East.
The region is beginning to attract buyers with the proposed Westfield Doncaster development project near Ruffey Lake Park and the North East Link project.
"I think the region is probably underfunded for what it is and will start to grow in the future. I think it's a good buying opportunity at the moment, "said Tuccitto.
Realestate.com. According to him, prices should continue to fall to 8% in the next few months, but those who fell were falling after a peak.
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