Melbourne house prices record 'significant' five-year growth
Melbourne may become an attractive residential property investment hotspot, with recent figures pointing to significant gains in the market over the last five years.
According to data released by the Real Estate Institute of Victoria (REIV), the median house price in Melbourne increased 26 per cent from $420,000 in 2007 to $529,000 in 2012.
"This [is] significant because 2007 was a very strong year," the REIV stated.
"This clearly shows that despite the correction in 2011 homeowners have benefited from healthy growth in house values."
Those interested in investment in Melbourne real estate may be interest to learn that the city's middle suburbs - those located between ten and 20 kilometres from the CBD - recorded the highest spike in growth (31 per cent) over the five year period.
By comparison, the inner-city suburbs enjoyed a 21 per cent leap in prices, while the outer areas saw a 27 per cent jump.
Units and apartment prices recorded similar growth, with the outer postcodes recording the highest growth of 33 per cent compared to 25 per cent in the middle and inner suburbs.