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Melbourne real estate jumps in value in January

By Belinda McGuire

Investment in real estate in the city of Knox could generate returns, after an expert predicted that 2013 may see an increase in property values.

The latest RP Data-Rismark Home Values Index found that Melbourne real estate was worth 0.2 per cent more in January.

RP Data research director Tim Lawless said that the coming 12 months will see growth in value after the collective worth of Australian capitals jumped 1.2 per cent in January.

He explained: "These strong January results are likely to have seen some upwards seasonal bias; however, the housing market has been on a clear recovery trend since June last year.

"Capital gains aren't likely to remain this high over the coming months, however, we are likely to see the recovery trend continue through 2013."

The research director added that the housing market is improving in other areas, with the number of days a house is on the market decreasing and vendor discounts also on an upward trend.

The 1.2 per cent jump in January negated the same percentage drop that was seen in the final quarter of 2012.

Mr Lawless did say that it will be a buyers' market for some time due to high volumes of stock but that trend is slowly decreasing.

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