Global Power | Local Knowledge | Uniquely Personal

Victoria house prices rising

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

All information provided is of a general nature only and does not take into account your personal financial circumstances or objectives. Before making a decision on the basis of this material, you need to consider, with or without the assistance of a financial adviser, whether the material is appropriate in light of your individual needs and circumstances. This information does not constitute a recommendation to invest in or take out any of the products or services provided by SMATS Services (Australia) Pty Ltd or Australasian Taxation Services Pty Ltd.

Subscribe Now