housing glut hits suburbs - 35000 unsold

Oh well this blows the supply debate out of the water for Melbourne.

Add to that, the reiv's 'interim' clearance rate of 55%.

Relieved to watch this one on the sidelines.

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Housing glut hits suburbs

MELBOURNE'S urban fringe has been swamped with 35,000 unsold homes, prompting warnings the glut could trigger a further slump in property values, and fuelling criticism of the Baillieu government's ''crazy'' decision to expand the city's boundary.

The stockpile of unwanted housing in many of Melbourne's newest suburbs has led to warnings by some planning experts that ''suburban ghettos'' could emerge on the city's fringe, creating a social divide.

http://www.theage.com.au/victoria/housing-glut-hits-suburbs-20120707-21o6k.html