Super boom in Melbourne home prices is yet to reach its peak

“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

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