Australian Residential – Solid Growth in Melbourne Property Market
Solid Growth in Melbourne Property Market – The Melbourne housing market has never been better for sellers of houses and apartments according to Geoff White, the chief executive officer of the Real Estate Institute of Victoria (REIV),
Mr White said the spring housing market is delivering solid price growth, high clearance rates, and strong buyer demand.
“The median price increase is taking place in tandem with a spring clearance rate of close to 80 per cent, the highest in seven years,” Mr White said.
“Everything is aligned for sellers, who are benefiting from strong buyer confidence and record low interest rates.”
Melbourne’s inner and middle suburbs were the main growth drivers during the September quarter with house prices in these regions up 4.2 per cent and 3.5 per cent respectively.
“The market shows no signs of slowing down. The September quarter was stronger than expected and the market is only expected to improve.”