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Large Melbourne houses most in-demand

05 March 2014 Staff Reporter

Three- and four-bedroom houses in middle suburbs were the most in-demand properties for Victoria last year, new figures show.

According to the latest data from the Real Estate Institute of Victoria (REIV), three-bedroom houses in middle Melbourne increased in median price by almost six per cent, to $581,100, in the December quarter.

Four-bedroom houses in middle Melbourne also experienced gains, with the median price increasing by 4.3 per cent to $772,000 for the quarter.

By comparison, three-bedroom houses in inner Melbourne grew by only 2.3 per cent for the quarter.

REIV CEO Enzo Raimondo said, in particular, buyers targeted larger homes in the suburbs of Brighton East, Glen Iris, Beaumaris, Templestowe and Prahran.

“It seems families were focusing on these suburbs due to their affordability and close access to important facilities such as schools and parks,” he said.

In terms of the unit market, the data found that one-bedroom units in middle Melbourne were the most popular, with the median price growing more than four per cent to $305,000 for the quarter.

Mr Raimondo said that the data is a vital source of information for house hunters as 2014 gets underway.

“It provides owner occupiers and investors with a window to the size of homes and areas that are attracting the highest median prices at present,” he said.

Large Melbourne houses most in-demand
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