“Interesting to see what is happening with property prices in my home town. House prices in Melbourne were up 2.6% in September and growth in October looks set to follow suit.”
HOUSE prices could hit record highs within weeks as Victoria rides a property boom.
More than 1000 homes will be auctioned today as experts predict results will soar above a $505,000 median price.
Record low interest rates are driving heated competition as first-time buyers and investors battle at auctions.
RP Data property specialist Robert Larocca said Melbourne would see a new peak in house prices if September’s 2.6 per cent increase in house values were repeated this month.
“Our previous peak was $505,000, so if we reach that we’ll be heading into new territory,” Mr Larocca said.
Bentleigh East will be awash with house hunters today: 20 houses are up for auction. Reservoir and Glen Waverley each have 18 properties on the block.
Some homeowners in popular suburbs saw a 16 per cent leap in value in the past year.
Real Estate Institute of Victoria chief executive.. Read More