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The Year in Review: Victoria’s Property Market

By Matt Hurlston

New Years is a time for reflection as we cast an eye back on the year that was. If you're a property investor, it may pay to examine how real estate in Carnegie and other areas of Victoria performed this year.

Melbourne's property market recorded strong results over the past 12 months, according to the Real Estate Institute of Victoria (REIV).

Prices reached record heights as Australia's combined capital city property values increased by 8.3 per cent and unit values grew by 8.4 per cent in 2013.

The amount of sales was also strong across the country with Victoria alone expected to clear 110,000 properties this year. More than 80,000 of those sales were located in Melbourne.

Auctions were another point of strength in the market. In 2013, there have been nine weekends with more than 1,000 auctions listed in Melbourne, above the seven weekends recorded in 2010.

"Auctions grabbed a bigger slice of the market: in Melbourne they were close to 28 per cent of the year's total sales – up 5 per cent on 2012 – and yet another record," REIV CEO Enzo Raimondo said in a December 23 media release.

If you would like some more information on how these results could affect your property purchase in the future, contact real estate professional Matthew Hurlston at Ray White Carnegie today.

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