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Melbourne Property Market Overview

By Matt Hurlston

Melbourne's house values rose by 2.4 per cent September, according to the RP Data-Citibank October 2013 Housing Market Overview.

Dwelling values are now 5 per cent higher than before the September quarter, which could be encouraging for those who own investment real estate in Carnegie.

However, it's not too late for first time investors to make a property purchase as dwelling values are currently 1.9 per cent under the historic high, showing prices still have room to grow.

In fact, now could be the best time to invest in Carnegie real estate, as the Melbourne Housing Institute Association-Commonwealth Bank Housing Affordability Index figures rose by 2.6 per cent over the 2013 September quarter.

This result signals houses in Melbourne have become more affordable over the recent months, at an equal rate to the average affordability increase for all capital cities across Australia.

"Despite widely-publicised dwelling price increases in some markets in recent months, affordability has continued to improve as a result of reduced interest rates," HIA Senior Economist Shane Garrett said in a November 27 media release.

For more information on how these figures could affect your home buying decisions, contact Matthew Hurlston at Ray White Carnegie today.

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