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Growth in Melbourne House Prices Exceeds Expectations

By Matt Hurlston

Melbourne's median house price increased by nearly 9 per cent over the September quarter, which may be welcome news for investors in real estate in Carnegie.

The increase took median house prices from a revised $547,500 in the June quarter to $595,500, exceeding previous expectations and predictions.

In turn, median prices have reached a new high and surpassed the previous peak of $559,000 in the December quarter of 2010.

REIV CEO Enzo Raimondo says the quarters higher than expected growth shows a very clear increase in buyer demand.

"This quarter's increase was driven by a very strong increase in demand, particularly in August and September. Sustained growth in previous quarters has also instilled further confidence in the property market in Melbourne," he said.

"The increased demand is supported by a number of positive indicators in the state including population growth, consumer sentiment, clearance rates and the number of sales."

There was also a 10 per cent increase in the number of sales this quarter compared to 2012. The average clearance rate is 14 percentage points higher than the same quarter last year.

If you're interested in making a property investment in Carnegie real estate, speak with Matthew Hurlston at Ray White Carnegie today.

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