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Melbourne House Prices Gain Value

By Belinda McGuire

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.

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