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Great Results for Melbourne’s Middle Suburbs

By Jamil Allouche

Sellers of property in Brunswick could potentially see some strong gains this year, after the Real Estate Institute of Victoria (REIV) reported high price growth for Melbourne's middle suburbs.

Over the final quarter of 2013, the REIV found Melbourne's median house price increased by a notable 7 per cent to reach $643,000.

However, REIV Chief Executive Enzo Raimondo noted the activity was even stronger in the middle and inner suburbs of Melbourne.

Mr Raimondo said this growth in house prices is likely to be fuelled by the strong market conditions that have been seen throughout 2013.

"Low interest rates, a record number of auctions, and an increase in million dollar-plus sales all led to an impressive quarter for the market," said Mr Raimondo in a January 25 statement.

Furthermore, sellers in Melbourne were also very confident over this quarter, evident in the high number of auctions over the three-month period.

However, it was private sales that seemed to generate the strongest price growth over the quarter, especially in outer and regional areas. 

This could indicate a great opportunity for anyone thinking of selling Brunswick or Pascoe Vale real estate in coming months to secure a positive return on their properties.

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