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Melbourne House Prices On The Rise

By Jamil Allouche

Are you thinking of buying or selling a property in Brunswick or perhaps a prime piece of Coburg real estate?

Your decision might be influenced by the latest on Melbourne house prices, which indicates that the cost of purchasing a home in the area is inching up due to a number of factors, such as low interest rates.

In the September quarter, the median price of a house increased by almost 9 per cent in seasonally adjusted terms, according to the Real Estate Institute of Victoria (REIV).

Prices jumped from $547,000 in the June quarter to $595,500 in the latest quarter. This has created a new Melbourne median house price peak, the last of which was $559,000 in the December quarter of 2010.

"This quarter’s increase was driven by a very strong increase in demand, particularly in August and September. Sustained growth in previous quarters has also instilled further confidence in the property market in Melbourne," said REIV Chief Executive Officer Enzo Raimondo.

"The increased demand is supported by a number of positive indicators in the state including population growth, consumer sentiment, clearance rates, and the number of sales."

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