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Inner Melbourne suburbs reach new price high

By Jamil Allouche

As the nation's property market continues to grow, owners of real estate in Brunswick could find themselves in possession of a significant property nest egg in the coming months. 

New figures released by the Real Estate Institute of Victoria (REIV) has found that suburbs within 10 kilometres of Melbourne's central business district have seen a year-on-year price change of 11.7 per cent.

REIV chief executive officer Enzo Raimondo said this brings the median house price for these properties up to a huge $1.1million. 

"By the September quarter of 2013 the median price of $971,500 broke the previous record, set in March 2010. Since then, there has been an increase every quarter and with it, a new record. By March last year the inner Melbourne median had broken the $1,000,000 barrier," said Mr Raimondo in a 17 April statement. 

"This reflects the strength of the Melbourne market in the low interest rate environment and the demand for homes close to transport and excellent infrastructure." 

Furthermore, these movements have been reflected in the growing auction figures seen across the area. Mr Raimondo said there had been over 7,600 auctions in Melbourne to date, with more than 4,200 of thee occurring in March alone. 

If you're interested in selling your Brunswick home, now could be the time to secure a great return on your investment. 

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