Melbourne's property slump comeback
The Melbourne housing market looks like it has turned a corner, with recent figures suggesting a revival from its recent decline.
Property investment in the Victorian capital may begin to return dividends, after figures revealed that house prices in Melbourne have climbed by 125 per cent in the last decade, according a News Limited report.
The latest results come off the back of this week's announcement from RP Data that capital cities across the country, including Melbourne, witnessed a second month of price increases.
In the last three months, house prices in Australia's capital cities rose by 0.2 per cent - with Sydney and Melbourne experiencing price rises of 1.2 per cent and 1.4 per cent respectively in the month of July.
RP Data's research director Tim Lawless said: "The July result, when viewed together with the positive June result, suggests housing markets may be starting to respond to lower mortgage rates, which according to the RBA's latest board meeting minutes are around 50 basis points below their 15-year average."
Regional Victoria has also recorded a surge in house prices, with properties in the shire of Wellington worth 169 per cent more than they were a decade ago, and Latrobe Valley dwellings increasing by 156 per cent.