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Housing Recovery Continues In Melbourne

By Angela Hill

It has been a mixed bag for the property industry across Australia lately, but things seem to be on the up for Melbourne.

There has been moderate growth in house prices for the city, with the Australian Bureau of Statistics (ABS) and the Real Estate Institute of Victoria (REIV) reporting that Melbourne's house price index increased by 2.4 per cent over the June quarter.

This spells good news for anybody looking to sell property in Brunswick as in this stage of recovery their properties are likely to be worth a little more on the market. It's not only the sellers benefitting however, with the REIV reporting that conditions are also more favourable for buyers than they were this time last year.

Of course due to remaining uncertainties, consumer sentiment is still somewhat fragile, but it has slowly improved. More buyers are in the market of late, with more homes being sold and auction clearance rates and volumes high compared to last year.

Four interest rate cuts over the past year have also contributed to reduced financing cuts, which has worked to draw more buyers into the housing market.

Most other cities are also reporting promising markers of a housing recovery.

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