The property market in Victoria is feeling the benefit of interest from consumers as prices continued to rise in May.
According to the Real Estate Institute of Victoria (REIV), house prices rose by 1.4 per cent last month. This marks the eighth consecutive month of house price growth within the area.
Part of the reason for the ongoing price growth is probably due to the high consumer interest in Victoria's property market at the moment.
This has been evidenced by the high volume of houses being sold under the hammer at its weekend auctions.
Last month, Victoria saw an overall clearance rate of 70 per cent.
One of the main drivers of the increased interest in Victorian property is likely to be the improved housing affordability.
With the Reserve Bank of Australia cutting interest rates and wages rising in Australia, consumers are paying less for their financial commitments on their houses while earning more at work.
Posted by Steve Douglas