Conditions improve for Melbourne homebuyers
Melbourne real estate continues to gain value, with recent figures showing house prices have risen consecutively over the last six months.
The Melbourne House Price Index (HPI), released by the Real Estate Institute of Victoria (REIV) yesterday (April 2), rose 0.9 per cent in March, while the Unit Price Index (UPI) jumped 1.1 per cent.
REIV chief executive officer Enzo Raimondo said this data shows conditions are improving in the residential property market - a trend that is likely to be welcomed by buyers and sellers alike.
"Over the past six months, the REIV's HPI has risen 3.2 points from 135.8 to 139," Mr Raimondo commented.
"This recovers some of the value lost in prices over the past two years but they still remain below their peak of 144.8 in April 2011."
The real estate expert said the recovery is mild when compared to the period between July and December 2010 because of more subdued consumer confidence and higher levels of supply.
However, modest growth in the sector is likely to be more sustainable in the long run, Mr Raimondo said, adding that this will create better conditions for those buying a property this winter.