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

Share this post

Share on facebook
Share on google
Share on twitter
Share on linkedin
Share on pinterest
Share on print
Share on email

Become a successful Property Investor

Start Here With Your Free Investment Gift Pack Valued at $297

Get one step closer, Fill in the form below

More from Real Wealth Australia

Blog - The Next Boom Cycle Is Coming... Prepare Yourself

Post COVID-19 Property Boom Cycle is coming… prepare yourself!

The Corona virus pandemic is in the process of trashing property prices by possibly up to 30% according to some and when it’s over be …

How to invest and prosper in uncertain times

How to invest and prosper in uncertain times

Most of us have gone from living our lives, going about our business, taking care of our homes, to a level of uncertainty that caught …

Will the property market crash_

Will the property market crash?

Australia is in lock-down, schools are closed, many people have lost their jobs or are working from home. We must all exercise safe distancing, which …