Melbourne Property ‘Enjoys Successful March Quarter’

Owners of real estate in Box Hill may be encouraged to hear that the Melbourne property market showed signs of an upswing in the March quarter.

New statistics from RP Data and Rismark International showed the value of Melbourne homes increased by 2.5 per cent over the three-month period, with a 0.8 per cent boost over March alone.

This contributed to a 0.3 per cent rise in property prices overall, with the median value of a dwelling reaching $475,000.

Tim Lawless, research director at RP Data, said auction results in Melbourne had been particularly impressive.

“Auction clearance rates haven’t been below 55 per cent on any occasion so far this year, and over recent weeks the capital city weighted average clearance rate has been around the 60 per cent mark with Melbourne and Sydney nudging the 70 mark,” he explained.

And for those looking to buy property in Box Hill, there may be good news on the mortgage front, with Mr Lawless predicting housing finance commitment figures will lift across the nation.

RP Data’s Mortgage Index showed a level of activity not seen since August 2009, he explained, while the average time a property is on the market was getting consistently shorter before Christmas.

Posted by Mark Edwards