Melbourne real estate prices soar
Property experts in Australia have been astounded by the recovery of Melbourne real estate.
In the last quarter to December 2009, the Melbourne real estate median house price had climbed a massive record breaking 15 per cent to more than $540,000 - smashing the highs of 14.9% and 12.4% respectively set in the non-recession-hit years of 2000 and more recently 2007. The median cost for apartments also increased by more than 7.5 per cent bringing the average price to just over $441,000.
The figures provided by the Real Institute of Victoria (REIV) are the result of a strong economic climate and an ever increasing population forcing prices up.
While the residential construction sites are still below par and the population continues to grow at a rate of hundreds every week, the cost of Melborune real estate is expected to continue upwards.
The rise in prices is mainly due to high activity in the $500,000 - $900,000 bracket with family based households making the move up the property ladder.