One in 20 properties in Melbourne have sold over the last 12 months as consumer sentiment within the property market has been on the up.
According to RP Data, the suburbs that have seen the highest level of sales are considered to be high growth areas.
RP Data Victoria housing market specialist Robert Larocca said: "While this result is lower than the very strong years of sales over 2007 and 2010, it still represents almost one in twenty houses."
The year 2010 is regarded to have been the strongest year for Melbourne's property market, with industry analysts benchmarking this year's results against then.
Nevertheless, the property market has been performing well in Melbourne this year. Weekend auctions have consistently achieved clearance rates of above 70 per cent, demonstrating high consumer demand.
As Melbourne is one of the largest housing markets in Australia, it has also helped to push up the average house price across capital cities. RP Data found that in September the national median house price rose by 1.6 per cent.
Posted by Ravin Chatlani