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Strong Long Term Cycle is About to Begin
17 September 2013Melbourne Median Unit Price shows strong long term cycle is about to begin
The median price of a house in Melbourne increased by nearly nine per cent in the September quarter in seasonally adjusted terms.
This quarter's increase was driven by a very strong increase in demand, particularly in August and September. Sustained growth in previous quarters has also instilled further confidence in the property market in Melbourne. The increased demand in supported by a number of possitive indicators in the state including population growth, consumer sentiment, clearance rates, and the number of sales.
Units and apartments recorded similar level of demand to house with a 4.8 per cent increase in seasonally adjusted terms to $481,500.
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