Victoria's real estate market underwent massive growth during 2013
The Victorian property market experienced some fantastic growth during 2013, with a number of statistics surpassing the previous two years to highlight the returning strength of Australian real estate as a whole.
In an end of year state wrap up, Real Estate Institute of Victoria (REIV) Chief Executive Officer Enzo Raimondo said the region would end up with close to 110,000 sales during 2013, with 80,000 of these being in Melbourne alone.
Furthermore, the expected clearance rate for the state as a whole over the year is expected to reach 71 per cent. While this doesn't surpass 2010's 74 per cent, it has skyrocketed past the previous two years - beating 2012's clearance rate of 61 per cent, and 2011's low rate of 59 per cent.
Auctions also saw a growth in popularity, making up 28 per cent of Melbourne's total sales - an increase of 5 per cent over 2012. This is great news when coupled with Melbourne's yearly median price growth of 14.9 per cent.
This could be great news for anyone considering selling a house as part of their New Year's resolution, with these developments expected to continue well into 2014. Further evidence of this is the growing median price for property in Melbourne.
During the September quarter, the median house price in Victoria's capital city increased to a new record of $595,500, with the city's House Price Index rising to 150.6 in November - the highest since the REIV began the index back in June 2007.
There is also great news for those interested in purchasing investment property in the near future, with the median weekly rent for homes in Melbourne increasing by 3.1 per cent over the year.
But it was units that experienced the largest median rent growth, increasing by 5.9 per cent in the capital city. This growth was almost entirely driven by the rise in inner suburb popularity, with a shifting emphasis towards building upwards in order to accommodate the expected population boom.
"Falling vacancy rates were also good news for investors buying to rent. For Melbourne as a whole the rental vacancy rate fell to the lowest it had been all year in October and November - down to 2.7 per cent , from 2.9 per cent in September," said Mr Raimondo in a December 20 statement.