A recent data release from the Real Estate Institute of Victoria (REIV) has found that Melbourne property values rose by 5 per cent over the September quarter, ending 2014 with a median house price of $669,000.
REIV chief executive officer Enzo Raimondo said the record breaking auction boom seen just before Christmas was a significant contributor to these house prices rises.
"Inner Melbourne increased by 11.7 per cent for the year with middle Melbourne up by 13.2 per cent and outer Melbourne at 8.9 per cent," said Mr Raimondo in a 30 January statement.
"With interest rates at record low levels for more than a year, the buoyant finish to the 2014 house sales year, with a string of big auction weekends in December, is likely to give a fillip to the coming summer/autumn selling season."
Furthermore, the regional Victorian market also saw growth, rising by 5.5 per cent over the December quarter.
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