Market Moves Confirm Rises

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ELECTION campaign aside, Melbourne’s real estate market was buzzing with its own news after the release of the June quarter median prices.

According to the REIV, Melbourne’s median house price increased 8.5 per cent to $559,000, with demand in the more affordable suburbs driving the price growth.

None of the top 20 performing suburbs had a median house price above $1 million. The biggest increases were recorded in Dandenong, Rosebud, Broadmeadows, Footscray and Glenroy.

As if to demonstrate the market’s strength in these suburbs, the weekend’s 525 auctions saw a rise in the clearance rate to 72 per cent, compared with the 67 per cent achieved last week.

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