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Victoria house prices rising

The median price of property in Victoria rose during the first quarter of 2013.
<p $$hash="8589-0"><span $$hash="8588-0">Median house prices in Victoria have risen during the first quarter, the Real Estate Institute of Victoria (REIV) has reported.

<p $$hash="8587-0"><span $$hash="8586-0">It found that the median house price had increased by 2.1 per cent from $305,000 to $311,500.

<p $$hash="8585-0"><span $$hash="8584-0">This news follows on from many weeks of strong clearance results from the auction weekends within the area.

<p $$hash="8596-0"><span $$hash="8595-0">REIV’s chief executive officer, Enzo Raimondo, explained that there had been an increase in the amount of people who wanted to buy property in the area since the last quarter of 2012.

<p $$hash="8598-0"><span $$hash="8597-0">He suggested: “There are a number of factors increasing demand; increasing population growth, improved consumer confidence and overall affordability assisted by lower interest rates.”

<p $$hash="8600-0"><span $$hash="8599-0">Consumers seem to expect that prices are going to continue to rise over the next year, as recent results from the Westpac Bank and Melbourne Institute’s House Price Expectations Index found that 62 per cent of respondents believe this to be the case.

Posted by Ravin Chatlani

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