9 October 2013
Prices strengthen as market gathers pace A new report by RP Data has highlighted growth in residential property prices, with Melbourne values growing by 2.4 per cent in September. A price increase of 5 per cent has been recorded for the quarter, reflecting the energy in the market and confirming that market conditions are the strongest they´ve been for almost three and a half years. Melbourne´s residential values are now just 1.9 per cent below the 2010 benchmark. Australian Property Monitors data suggests Middle Park, South Yarra and Elwood are some of the fastest growing suburbs in Melbourne based on price movements over the past 12 months. In other news, the Reserve Bank´s decision to leave interest rates on hold at 2.5 per cent for a second consecutive month was in keeping with general market expectations. Many analysts still believe another rate cut isn´t far away with Westpac Chief Economist Bill Evans tipping interest rates will fall again in the New Year. Momentum continues to build in terms of auction numbers with more than 1000 auctions scheduled for the coming weekend. If you´re curious about your property´s potential in the current market, call us today.
Greg Hocking