Best property markets revealed
Hawthorn and Glen Iris have emerged as Melbourne's best performing property markets, the ...
Hawthorn and Glen Iris have emerged as Melbourne's best performing property markets, the state's peak industry body revealed this week.
The Real Estate Institute of Victoria (REIV) said that the two eastern suburbs were the standout locations in terms of auctions and sales.
"Both had a significant number of auctions, around 300, and each has a clearance rate in the mid 70’s which is well over 10 points above the year to date average," the REIV stated.
"In each location analysis of sales shows that buyers are responding positively to the fact that prices are below their peak."
The REIV is expecting 920 residential property auctions in the city this weekend (December 15 - 16) - a positive finish to the real estate year.
Last weekend 918 dwellings went under the hammer, recording a 59 per cent clearance rate, while during the same time frame last year, 882 auctions took place with a 53 per cent clearance rate.
For those on the hunt for real estate, they may want to take note of one expert's predictions for the market in 2013.
Property lecturer and author Peter Koulizos identified a number of suburbs which are tipped to boom next year, News Limited reported.
His top picks included Thebarton in Adelaide, Woolloongabba in Brisbane, Marrickville in Sydney, Rockingham in Perth and Footscray in Melbourne.