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1.5% Jump In Melbourne Property Values

By Belinda McGuire

Those who are looking to sell property in Rowville may be interested to hear that Melbourne was one of the frontrunners in rising national property values in February.

The RP Data-Rismark February Hedonic Home Value Index found that the Victorian capital saw an increase of 1.5 per cent last month, while over the quarter the values of real estate in Melbourne climbed 2.2 per cent.

Property transactions have shown promising signs, with Rismark International managing director Ben Skilbeck commenting that buyers are getting off the fence.

He said: "Auction clearance rates of 70 per cent in Melbourne and 63 per cent in Sydney, combined with housing credit growth of 0.4 per cent in January, indicates that homebuyers are moving away from the sidelines and back into the market."

The strong performance of the Melbourne market contributed to the national rise of 0.3 per cent for February, with Darwin's 2.3 per cent jump and Canberra's 1.9 per cent increase also adding to the Australian figure.

RP Data's Tim Lawless warned that while these figures look promising, more results like them are needed if there is to be a true recovery. He explained that such a recovery may take around six months to achieve.

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