Melbourne Home Values Grow by 8.5 Per Cent, Cash Rate Stable

Families and couples looking to buy property may consider areas that demonstrated consistent growth in the 2013 calendar year, and the Melbourne suburb of Carnegie could be the perfect place to look.

According to the latest RP Data-Rismark Home Value Index Release, homes in the Victorian capital grew in value by 8.5 per cent over 2013, behind only Sydney and Perth.

Furthermore, unit values in the Melbourne increased by 8.7 per cent over the same period. 

Carnegie, Bentleigh and Murrumbeena real estate is a popular choice in Melbourne for young and growing families, and the latest figures may provide peace of mind for home buyers who want to see stable future growth in their property.

RP Data's Cameron Kusher noted that growth during 2014 may be affected by potential regulatory changes implemented on behalf of the Reserve Bank of Australia (RBA) or the Australian Prudential Regulation Authority.

However, given the recent decision by the RBA to leave the cash rate unchanged, stable growth may be possible.

RBA Governor for Monetary Policy Decision Glenn Stevens announced on February 4 that the cash rate would remain at 2.5 per cent and these low interest rates may be good news for those looking to obtain real estate in Carnegie or its surrounding suburbs.

Those looking to make the most of low interest rates to buy Melbourne property may consider giving experienced selling principal Matt Hurlston a call at Ray White Carnegie.