Owners of real estate in the city of Knox may be interested to know that Melbourne property prices are growing steadily.
In the last 12 months, less than 40 properties across the city sold for less than $200,000 – which was the median price for a home in the Victorian capital 15 years ago.
The Herald Sun reports that the median price for Melbourne is now $530,000 with houses under the $200,000 border accounting for less than 0.26 per cent of the market place.
Real Estate Institute of Victoria spokesperson Robert Larocca told the News Limited publication that these homes will only become scarcer.
He commented: "Good homes for less than $200,000 really are as rare as hens' teeth now.
"But most homeowners now will easily remember when $200,000 was a lot of money – 15 years ago it would have bought you an average home in Blackburn, Brunswick East or Doncaster."
The more eastern suburbs dominated the market for affordable properties with areas like Reefton and Warburton all selling real estate for that low mark.
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