Those looking to sell property in Rowville may welcome recent figures that point towards a real estate recovery in the Victorian capital.
The March RP Data-Rismark Hedonic Home Value Index showed dwelling values lifted 0.8 per cent last month – translating to a 3.4 per cent jump in the March quarter.
With Melbourne now boasting a median dwelling price of $475,000, the latest increase may mean a higher resale value for those looking to sell.
And in further confidence for owners of Melbourne property, according to the Real Estate Institute of Victoria (REIV), house prices have steadily risen for the last six consecutive months.
The Melbourne House Price Index (HPI) lifted 0.9 per cent, while the Unit Price Index (UPI) rose 1.1 per cent during the same period.
REIV chief executive officer Enzo Raimondo commented: "Over the past six months, the REIV's HPI has risen 3.2 points from 135.8 to 139.
"This recovers some of the value lost in prices over the past two years but they still remain below their peak of 144.8 in April 2011."
But a mild recovery is more likely to be "sustainable", which is overall better for the market, the expert added.
Proudly Australian. Proudly Family-Owned. Proudly Ray White. We are incredibly proud that we get to be part of life-changing moments and play a part in helping our customers with some of the most important decisions they’ll ever make. This year, we have continued to grow as Australia’s largest real estate … Read more
A Rowville couple went from “prepared for the worst” to “a big sigh of relief” as their home sold $180,000 above their reserve yesterday. By Nathan Mawby for the Herald Sun on 10 Jul 2021 Judi Wilding and Andrew Jones had watched the number of homes for sale in their … Read more