PHOTO: Simon Beasley outside his rented home in South Yarra. He’s waiting for the market to drop before buying in again. Photo: Luis Ascui

Simon Beasley is a  Melbourne bookmaker taking a punt on the falling property market.

He and his wife Merrie sold their luxury South Yarra apartment in November, and are now renting in the hopes of buying back in more cheaply as Melbourne’s property prices slump.

And they’re not alone. Over the past 12 months as prices have fallen, property speculators have been gambling on the market, selling before it gets worse and renting to wait for a bargain later.