Melbourne luxury market improves

Melbourne luxury market improves

by 0 comments

The Melbourne property market saw strengthening demand in the higher end of the market during the first quarter of the year.

According to RP Data’s Victoria housing market specialist, Robert Larocca, the latest figures show that Melbourne recorded the largest rise of all the capital cities over the first quarter of 2014.

“The Melbourne property market has now moved from recovery into a growth phase,” he said.

“Over the past year the strongest growth in values has been seen in many of the city’s most expensive suburbs: Hawthorn East, Balwyn, Camberwell and Armadale.”

The March release of the RP Data-Rismark Home Value Index showed that house values in Melbourne rose by 2.3 per cent over the month and unit prices increased by 1.9 per cent.

Over the March quarter value growth outstripped units, rising 5.8 per cent to reach 2.5 per cent.

House values in Melbourne reached a new high of $555,000 in the March quarter, and units sat at $448,000.

promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2017

With a combined sales volume of over $14 billion in 2017, the Top 100 Agents ranking represents the very best sales agents in Australia. Find out what sets them apart and learn their secrets to success.

featured podcast

featured podcast
How this agent grew his database by 50% in five years

In this episode of Secrets of the Top 100 Agents, Robert Pignataro joins host Tim Neary to explain how he increased his personal database by...

View all podcasts

Does the benefit of being part of a branded group outweigh the cost?

Depends on the group
Do you have an industry update?