Melbourne properties continue to be in high demand. From residential to commercial venues, Melbourne real estate has skyrocketed in the past two years. Despite the global fiscal crisis, the city has experienced a dramatic boom in real estate sales. In fact, property sales rose to 16% in December 2012. This is a far improvement from dismal quarterly sales in 2011. With the New Year upon us, market specialists believe the demand for Melbourne properties will increase even more. According to industry experts, the increase in Melbourne real estate is attributed to several factors. For one, the property market tends to soar in the spring and summer. The addition of cash rate cuts last year also propelled real estate transactions across the board.
The busy summer saw interested buyers from all over country. In fact, Melbourne’s climate and thriving suburbs also attracted investors as well. This included Essendon, Brighton East, Kew, and Hawthorn. The suburbs recorded both strong clearance rates and an escalating demand for properties. With more buyers looking to settle in the suburbs, the market forecast and outlook looks exceptionally strong. With median house prices in Melbourne at around $555,000, property prices and sales are continuing to soar at alarming rates. In fact, median prices for residential units also rose to $456,000 in December 2012. According to industry monitors, expect prices and sales to gradually increase this year as well.
If you’re in the market for a Melbourne property, now is simply the perfect time to invest. In 2012, median house prices rose by 7.8 percent in Melbourne. The median price for apartment units also increased by 4.2 percent. With more money on the market and high volume transactions, 2013 is slated to be a banner year for Melbourne real estate sales. To tap into this burgeoning market, simply contact your local real estate agent or firm. They can connect you to the best Melbourne properties on the market today.