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REIV: Be realistic about the property market in the new year

REIV reminds buyers and sellers not to go overboard about increasing property prices in the new year.

The property market in Victoria has had a highly successful year but looking to 2014, Real Estate Institute of Victoria (REIV) reminds buyers and sellers not to go overboard in light of the statistics.

REIV said that price growth is to be expected but remains unsure as to how much prices will increase by over the year.

Chief executive officer of REIV Enzo Raimondo said: "Certainly I am expecting further growth in the state's housing market in 2014.  After all, population growth is picking up again and dwelling completion figures have plateaued, meaning more people competing for existing properties."

Mr Raimondo reminded buyers and sellers that the market has been recovering over the course of 2013 with the median house price having risen by nine per cent to $595,500 during the September quarter.

Overall, Victoria has not reached the heights that it saw during the property boom of 2010 according to a number of sources such as RP Data.

Posted by Steve Douglas

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