Real estate record sales in Oz

The Australian state of Victoria witnessed a record value of sales across the real estate business last week.

Real estate transactions passed the billion dollar mark during the last week of February across Victoria. Although the amount of actual sales was not the highest, the value of just over $1 billion has never before been recorded.

Australian property prices across the country continue to steadily climb along with renewed confidence in the strength of the economy and boosted by low interest rates. Melbourne real estate is a particularly strong marketplace with a fast growing population chasing the limited supply of available housing.

Both Melbourne and Sydney real estate prices have recovered at an astonishing rate since the middle of last year. The average price increase across Australia last year was recorded at 12 per cent anc in Melbourne, it was more than 18 per cent.

An official from the Real Estate Institute of Australia sees no signs of this upward trend changing in the short term future.