Melbourne housing market 'could see price correction'

The housing market in Melbourne is one of the most likely in the country to experience "a significant price correction", according to new research.

In the Macro Business Melbourne Housing Valuation Report, it is claimed that the residential property market fundamentals in the city are weak, for several reasons.

Among them are the low rental yields, higher-than-average house price growth and the large number of homes currently on the market.

The study also pointed out that Melbourne property prices are "relatively expensive on a price-to-income basis".

Source: PropertyShowrooms.com