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PPG_Blog_march_image 7_melbourne growth areas

The latest median price information compiled by the Real Estate Institute of Victoria (REIV) provides analysis by house size and suburb – and it shows that homes in Melbourne’s middle suburbs reigned supreme in the latest quarter.

The new REIV home data released in early March shows that three and four bedroom houses in the middle suburbs were far and away the most sought-after as 2013 drew to a close.

The data is of benefit to investors and owner occupiers as they look to gain ever more detailed analysis of the Melbourne residential real estate market.

It shows that three bedroom houses in middle Melbourne increased in median price by almost six per cent, to $581,100, in the most recent (December) quarter.

Four bedroom houses in middle Melbourne also experienced gains, with the median price increasing by 4.3 per cent to $772,000 for the quarter.

By comparison, three bedroom houses in inner Melbourne grew by only 2.3 per cent for the quarter.

REIV CEO Enzo Raimondo said that, in particular, buyers targeted larger homes in the suburbs of Brighton East, Glen Iris, Beaumaris, Templestowe and Prahran; along with a smaller group of suburbs further from the city – Ringwood, Mitcham, Berwick and Bundoora.

“It seems families were focusing on these suburbs due to their affordability, and close access to important facilities such as schools and parks.”

Unit and apartment results were also included in the latest data, with one bedroom units in middle Melbourne the most popular – with the median price growing more than four per cent to $305,000 for the quarter.

Mr Raimondo said that the data is a vital source of information for house hunters as 2014 gets underway. “It provides owner-occupiers and investors with a window to the size of homes and areas that are attracting the highest median prices at present,” he said.

The house and unit median price information – by size – is available on the REIV website.

Information provided courtesy of the REIV

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