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Experts Point to Improving Real Estate Market

By Belinda McGuire

Industry experts have started to hint at a sign of a market recovery, thanks to high numbers of listings and improved transaction rates – an occurrence which may interest owners of real estate in Rowville.

Real Estate Institute of Victoria's (REIV) chief executive Enzo Raimondo said the apparent recovery is the result of a number of factors, including growing confidence among consumers, lower interest rates and increasing transaction rates and property prices.

He explained: "The Melbourne residential market has turned the corner after two slow years with more active buyers and sellers.

"The clearance rate so far this year is 69 per cent, which is seven points up on this time last year and two points higher than in 2011."

Mr Raimondo added that 15 per cent more homes sold this year, than compared with 2012.

The REIV's own research has found that the market is in a period of "mild recovery", which should provide comfort to buyers, as they won't be squeezed out of the suburb they've budgeted for.

The weekend with the highest number of auctions was in March 2008, when there were 1,351 auctions with a 67 per cent success rate.

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