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Strong Capital Growth for Melbourne Property Owners

By Jamil Allouche

Melbourne homeowners and investors are benefiting from rising house prices in the Victorian capital, according to the Australian Property Monitor's House Price Report: December Quarter 2013.

Released this month, the report highlights the favourable growth many capital cities experienced in the year to December 2013.

However, Melbourne was a standout performer, spelling good news for owners of real estate in Brunswick, Carlton and surrounding suburbs.   

The city's stratified median house prices grew by 3.2 per cent between the September and December quarter, rising from $551,032 to $568,824.

This places Melbourne as the second-highest performing capital for growth in houses prices in the December quarter, behind only Sydney.

Unit growth also strong

Meanwhile, units prices increased by 3.1 per cent. At just 0.1 per cent lower than house growth, this shows steady demand for both traditional dwellings as well as medium density properties, such as townhouses, units and semi-detached residential buildings. 

House prices soared by 8.6 per cent in the year to December 2013, while units prices increased by 6.8 per cent over the same period.

Melbourne's performance in median unit prices during this period was the third best of all capital cities, while Brisbane, Canberra and Hobart all experienced quarter-on-quarter drops.

Ray White Brunswick can help buyers and sellers with an interest in Brunswick, Pascoe Vale and Carlton property.

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