Search for a dream home will cost you

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HOUSE hunters who spend months looking for the perfect home might end up missing out altogether.

The median price of Melbourne houses has risen from $405,000 in the March quarter of last year to $559,000 today – that’s $2567 a week.

The rate of the rise was even faster in the three months to June 30, according to figures from the Real Estate Institute of Victoria.

There are very few buyers who would have the savings power to match this rise.

Buyer advocate Ian James, of JPP Buyer Advocates, says buyers are often better off settling for second-best
and trading up later.

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