Prices surge as buyer competition continues

Prices surge as buyer competition continues

9 Apr 2014 By: Greg Hocking 0 Comment

The latest figures from RP Data indicate median house prices are rising across Australia with Melbourne’s median price up 2.3 per cent in March. The consistent price growth since June last year has pushed median prices in Melbourne 4.7 per cent higher than previous market peaks according to the data.

In fact, Melbourne’s price growth has led the way in 2014 with prices up by 5.4 per cent in the first quarter. Since March last year, prices have surged by 12 per cent with some suburbs recording even bigger increases.

The Reserve Bank’s decision to keep interest rates on hold for the seventh consecutive month is expected to help preserve buyer confidence and maintain the strong levels of demand that have characterised the market this year. Investors also remain extremely active across Melbourne with many competing fiercely at auction.

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Greg Hocking

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