Institute of Public Affairs’ Daniel Wild says Melbourne's property market stall is an impending sign of "economic collapse".
Property prices in Melbourne are stalling, with every other capital city overtaking Melbourne in terms of monthly growth.
Annual growth went backwards in the Victorian capital, coming in at 1.1 per cent.
“The reason for that is demand is still getting pumped up with mass migration into Melbourne,” Mr Wild told Sky News Australia host Rita Panahi.
“This is being driven fundamentally by two key things. First is the massive cost associated with the construction of a house.
“And secondly, the general economic circumstances, whether it’s taxes or regulation, we know businesses are leaving the state in record numbers”.
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