Those who are looking to sell real estate in Rowville may be interested to hear that in five years, Melbourne has experienced a 26 per cent increase in property values.
The median cost of a house in the Victorian capital now sits on $529,000, according to the Real Estate Institute of Victoria (REIV), with the outer suburbs experiencing a 27 per cent rise in values over that same period.
Units across the city have also enjoyed the increase in values, with a 25.4 per cent jump since 2007, now sitting on a median cost of $445,000.
Outer suburbs saw the greatest growth in value over the last five years – rising 33 per cent, while the middle and inner suburbs saw a 25 per cent leap.
The positive data may spur on keen vendors and buyers come this weekend (March 23-24), when a record number of auctions will take place across the city.
It is expected that 1,210 auctions will occur in Melbourne, which will be the fifth biggest weekend on record.
So far this year, residential auction sales have yielded $1.8 billion – $500 million more than the same period last year.