Melbourne property market continues to show growth
Low mortgage rates have been recognised as one of the main driving forces behind the impressive growth of Melbourne's real estate market over the last year, with some of the Victorian capital's inner suburbs reaching a median price of over $1 million for the first time ever.
Now could be a great time to consider taking out an investment loan and looking into the city's real estate market for the next addition to your property portfolio, with more growth expected to occur ahead of the population boom across the region.
At the end of last year the median price was recorded at just under $1 million for inner Melbourne, which has grown exponentially over the last six months to each $1,027,500 at the end of the June quarter. Real Estate Institute of Victoria Chief Executive Officer Enzo Raimondo said this was the largest record and provides evidence of the region's biggest property boom ever.
"We've already seen the city's median price - which includes all properties sold across inner, middle and outer Melbourne - grow by more than $100,000 since the current strong cycle began in mid-2013," said Mr Raimondo in a July 14 statement.
"This growth, from a citywide median price of $547,500 in the June quarter last year, represents a greater median value increase than we've seen in recent strong cycles, including 2010 and 2007 - even back to 2001. Now we've seen the inner Melbourne median house price stretch well beyond the magic million dollar level, setting yet another benchmark."
Mr Raimondo went on to say this growth has been measured in part through the growing strength of the auction market across the city, which has seen large degrees of growth over the same time last year.
Now could be a great time to consider moving into the fertile Melbourne market to secure real estate in the near future, especially with the rising population offering further degrees of growth.
Image credit: Yasser Alghofily