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Melbourne House Prices Continue to Increase

By Belinda McGuire

Melbourne house values continue to move upward, which could be encouraging for people hoping to sell real estate in the City of Knox.

The Real Estate Institute of Victoria (REIV) revealed there was a 0.6 per cent jump to 139 in its latest House Price Index (HPI), while the Unit Price Index edged forward 0.5 per cent to 136.6.

Furthermore, the results showed values were only 3.6 per cent below their peak in April when viewed in nominal terms, with the outer suburbs found to be performing the best.

When inflation is included, Melbourne house prices still experienced growth, but they remained 8.5 per cent lower than their 2010 peak. In these terms, the HPI was 118.6, compared with 129.6 achieved three years ago.

Recent REIV statistics showed the average median house price of a property in Melbourne was $561,500 at the end of the March quarter, while apartment values reached $456,000.

"Over the past five years, April has on average recorded 9,400 sales in Victoria," the institute stated.

"The REIV estimates that there were approximately 7,100 sales in April this year. This is lower than the five-year average but is higher than the previous year when 6,800 sales were recorded."

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