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Melbourne Dwelling Prices Increase During July

By Angela Hill

The latest RP Data and Rismark Home Value Index has revealed that average capital city dwelling prices increased over July, which could be good news for anyone planning on selling their property in Brunswick.

Dwelling prices in Melbourne increased by 2.3 per cent last month, with the city's median house price now sitting at $492,000.

The average time that capital city dwellings spent on the market during this period also decreased to 45 days, which is significantly lower than 59 days since this time last year.

Across Australia, the capital city dwelling price increased by 1.6 per cent, growing 4.9 per cent over the same time 12 months ago.

Rismark chief executive officer Ben Skilbeck also noted that there has been an increase in the amount of investor lending commitments over the last three months.

"While overall outstanding credit to housing only grew 4.4 per cent over the year to May 2013, the dollar value of lending commitments to investors in the month were 24 per cent higher than in May 2012. For owner-occupiers, the May 2013 lending commitments year-on-year increase was 11 per cent," Mr Skilbeck said in the August 1 report.

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