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I feel that there will always be demand for the cheaper end of the market, simply because there are always more frst home buyer type people coming into the picture. Having said that, it is also these first home buyers who are often most at risk in terms of mortgage stress.
I think inner city suburbs will continue to weather the storm and because rents are high, these inner suburbs can be good buys even though the overall market is questionable.
I think we could see a further decline in prices - although unlikly to be a large drop. This will be worse in the outer suburbs and, as always, less so in the inner suburbs. It is not a fundamentally bad time to be buying, there are good buys in any market.
I think rennovations could be a good way to go because you can spend the next year or to doing upa place and after that you will see prices returning to more healthy growth.
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