A new report reveals good returns for investors in Melbourne property.
The latest RP Data’s Pain and Gain research shows that only 7.7 per cent of property sold in Melbourne during the third quarter of 2013 made a loss.
Buyers in the Boroondara area saw a record level of profit during the three months, with a total of $231 million profit. Other strong areas included Whitehorse with $159 million and Monash with $136 million.
Overall, areas within 20km of the heart of Melbourne saw good returns as buyers continued to focus on properties within striking distance of the central business district.
In some cases, property sellers who had owned their home for between ten and 15 years reported a 100 per cent profit due to the substantial increase in property prices in the region over the past decade.
Recent research from Fairfax Media, reported by The Age, concluded, compared to income, the price of buying real estate in Melbourne is 2.5 times higher than it was during 1964.
Posted by Steve Douglas.