Young Aussies warned waiting for property prices to fall is 'extremely risky'

Australian first-home buyers waiting for property prices to fall have been warned they risk missing out if the market rebounds suddenly, with a real estate agent calling the strategy "extremely risky." Luke Saville of Savvi told Yahoo News that buyers holding out for cheaper prices over the next six to 12 months could regret it, as nobody can accurately predict the market bottom. He noted Melbourne apartments priced around $600,000 to $700,000 were already showing signs of a bounce. National home values fell 0.9 percent in August, a fifth consecutive monthly decline, with Melbourne down 1.1 percent. However, Melbourne's clearance rate rose to 53.7 percent in late August, and Saville observed renewed investor interest in blue-chip suburbs. He advised buyers to act if a property meets most criteria and to investigate owners' corporation records for hidden costs.