<p $$hash="5979-0">Results from the Real Estate Institute of Victoria’s (REIV) median house prices show that the value of the property market has been growing for some time.
<p $$hash="5982-0">House prices have been rising in Melbourne for five years. The median house price in Melbourne was valued at $529,000 in 2012, which is 26 per cent up from 2007, when it was valued at $420,000.
<p $$hash="5988-0">REIV compared prices to 2007 specifically because it was known to be a particularly strong year for the property market in Australia.
<p $$hash="5984-0">Since 2012, the property market in Melbourne has seen more growth. Reports from RP Data show that the average property price in the city has continued to rise, which shows a promising future for the housing market.
<p $$hash="5986-0">Consumers have shown that they are confident about buying into Melbourne’s property market, as the city’s weekly auction clearances have seen unusually high rates of properties sold.
<p $$hash="5993-0">Posted by Ravin Chatlani