The property market in Melbourne may be strengthening but there is still some work to do before it reaches the same level of popularity seen in Sydney.
This is according to housing market specialist for Victoria at RP Data Robert Larocca, who says that the volume of sales can be as big an indicator of activity as how much properties sell for.
He explained that the amount of properties selling has been low over the past year because many homeowners have been opting to save instead of spend on a new house.
Mr Larocca said: "The market has picked up but there is a long way to go. The most recent data shows that there are 16.7 per cent fewer overall homes for sale in Melbourne than 12 months ago."
However, auction volumes in Melbourne suggest the market has been very active. Last weekend, RP Data saw 996 houses go up for auction.
Posted by Steve Douglas