Spring property update

The Melbourne spring property market continues to go from strength to strength, with strong sales across the city amid increasing buyer demand. The Real Estate Institute of Victoria’s latest research has revealed the city’s median house price increased 3.2 per cent to $740,000 in the September quarter. Apartment prices also increased with the metropolitan median up 2.1 per cent to $545,500. In the Inner City, the popularity of property priced from $500,000-$700,000 with buyers is evident. All 12 properties sold in the past week in Southbank and Melbourne were within this price range, including a two-bedroom apartment sold by Lucas in the new landmark building MY80 for $535,000. According to Lucas Sales Director, Chris Henson, the solid results being achieved were just one indication of the strength of the Melbourne property market. “There has been a marked increase in the number of enquiries, inspections and offers from buyers over the past month. There is a shortage of quality apartment options – buyers can’t get enough of presentable and well-priced property at the moment.” To find out more about the current market or for an up-to-date value of your home or investment property, click here or call 03 9091 1400.