Buyers looking to buy property in Melbourne may see have seen prices swinging upwards and downwards in recent years. Indeed, RP Data says the last ten years have been the most volatile for the city.
Writing in the company's research blog Victoria housing market specialist Robert Larocca said that house prices in Melbourne grew considerably throughout 2007 and early 2008. Across this time period, the median house price grew by 20 per cent.
Yet throughout the rest of 2008 property prices fell, owing in part to the global financial crisis hampering consumer demand. Then across 2009 and 2010 house prices grew again by 37 per cent.
Property experts have said this year that Melbourne has failed to achieve the previous peak seen in 2010 but the market has nevertheless seen strong growth throughout 2013.
Mr Larocca says that although there have not been as strong rises and falls in house prices, the market does remain volatile.
Posted by Craig Francis
