Melbourne Home Value Growth Tops the Nation

Due to a strong demand for Melbourne property, values have increased in March resulting in the largest rise of all capital cities over the first quarter of 2014 according to RP Data’s Robert Larocca, Victoria Housing Market Specialist.

“The Melbourne property market has now moved from recovery into a growth phase. This has been welcomed by the increasing number of vendors who are now more likely to see reserves at auction surpassed and lower level of discounting in private sales.” Robert Commented.

“The March release of the RP Data-Rismark Home Value Index showed that house values in Melbourne rose by 2.3 per cent over the month and unit prices increased by 1.9 per cent.

Over the first quarter of the year house value growth outstripped units rising 5.8 per cent compared to 2.5 per cent.

Total listings of residential property are falling whilst new listings are rising strongly – 32 per cent in last month, highlighting the strong levels of demand. This is also evident in the more expensive auction segment.” Robert Added.

Of recent times Melbourne has experienced record numbers of residential auctions throughout March with approx. 5,300 conducted, surpassing the volume for same time last year by 28%.

Auction Results:

Sydney: 81%
Melbourne: 72%
Brisbane: 51%
Adelaide: 80%
(*Source APM)

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