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Melbourne Property Market in Growth Phase

By Matt Hurlston

Melbourne's property market is experiencing a growth period, according to the Real Estate Market Facts report released on December 11.

Compiled by Bendigo Bank and the Real Estate Institute of Australia (REIA), the study found that average Melbourne property prices and weekly rents had each increased over the September quarter, which is great news for those who own investment real estate in Carnegie.

Other the past three months, Melbourne's median house price rose by 7.3 per cent to reach $590,000. This is a 15 per cent increase over prices in the September quarter last year.

Units and apartments also jumped in price, 3.8 per cent higher than the June quarter and 9.7 per cent above September 2012.

The most significant increase in median weekly rents was recorded in regards to four-bedroom houses in Inner Melbourne – up 5.6 per cent on the previous quarter and 6.3 per cent over 2012 results.

Additionally, the rental vacancy rate fell by 0.5 points to 2.9 per cent between the June quarter and September.

For more information on the current property market and how it could affect your Carnegie real estate decisions, contact Matthew Hurlston at Ray White Carnegie today.

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