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Melbourne Property Growth Continuing into 2013

By Belinda McGuire

The growth experienced in the Melbourne real estate market towards the end of last year is continuing into 2013, revelations which may interest owners of real estate in Rowville.

Data from the Real Estate Institute of Victoria (REIV) shows that transaction rates are increasing and the number of listings is also up, highlighting a rise in confidence among Victorian consumers.

Auction listings until the end of March are 20 per cent higher than the decade-long average, with that trend culminating in over 1,100 auctions for the last weekend of the month.

This phenomenon is presenting buyers with more choice than ever before, the REIV explained.

"Clearance rates have improved but not to the extent that we are likely to see unsustainable price growth," the REIV said.

"February saw the highest monthly clearance rate since May 2010, with 70 per cent of homes offered at auction selling."

While last weekend (March 2-3) did see a drop in the success rate, dipping to 68 per cent, the REIV is not concerned, as the corresponding weekend from last year did worse on 61 per cent, and the long-term success rate of 66 per cent is also poorer than last weekend's result.

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