4 Aug 2015 By: Greg Hocking 0 Comment
Winter’s final month dawns this week so a property market review is timely.
Aside from it being the coldest July in almost 20 years it was also one of the busiest for vendors and agents. According to the Real Estate Institute of Victoria, buyers and sellers didn’t let arctic conditions cool their passion for property. More than 2,550 auctions were held across the state during the four weekend of July. About 622 passed in – more than 40% on a vendor bid – resulting in an overall clearance rate of a very active 76.5%.
Other interesting news from the REIV this month was the June quarter results, which show Melbourne’s median house price increasing 3.1% to $888,000. With all those lucky 8s, it’s no wonder many Asian buyers are highly motivated to invest in Victoria’s capital.
Finally, I can report the world’s most liveable city (yes, that’s us) has pipped its arch northern rival in the July home price growth stakes. CoreLogic RP Data’s head of research Tim Lawless says the data collection company’s July Home Value Indices – published this week – show Melbourne and Sydney’s dwelling values rose 4.8% and 3.2% respectively in the first 30 days of July.
“Housing market conditions across the remaining major capitals have remained relatively sedate compared with Sydney and Melbourne,” Lawless says. We agree. Anyone currently active in the suburban property market knows there is nothing sedate about buyer numbers, bidding or home price results.
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