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March Proves Positive for Real Estate in Melbourne

By Belinda McGuire

Those who are looking to sell property in Rowville may be interested to know that transactions throughout March show Melbourne's property market improved over the month.

Real Estate Institute of Victoria (REIV) data revealed that despite March not actually being over yet, the results point to a more positive marketplace.

March's 67 per cent clearance rate up until today (28th) is more favourable when compared to the 60 per cent success rate for the same month last year. And while 67 per cent is not as successful as the 72 per cent in February, this is being put down to the fact that there were 60 per cent more auctions last month.

"From the perspective of transactions, both auction and private sale, the REIV estimates a nine per cent lift in sales," the institute explained.

"Comparing sales volumes in March can often be complicated by where Easter falls and as it occurred in April last year it may have overstated the market in March."

It was explained that this is a very strong improvement, showing there is a higher level of activity when it comes to transactions.

Values have also seen a rise, with $932 million worth of property changing hands last weekend – the highest amount since April 2010.

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