Melbourne property prices are booming. Melbourne’s property market is showing no sign of slowing, after a record breaking week of property sales.
More than $1 billion worth of real estate was sold last week and the clearance rate from auctions at the weekend was 86 per cent.
According to the Real Estate Institute of Victoria says prices are expected to remain strong for the rest of 2010.
“The strength of the market at the moment is incredible, given that we did come out of a period where it did slow down, but probably not as much as other capital cities”.
“In fact, in December we saw the median $540,000. I think the median will stay above $500,000 for some time.”
So why the Melbourne property prices are booming?
“We have a shortage of supply at the moment and an increasing population and unfortunately, yes, it’s affecting the whole market from the bottom to the top,” cited from the Real Estate Institute of Victoria.
We could only hope that things will continue to benefit many buyers as well as sellers. More power to you and your blog. Good luck!