The recorded median high for houses is now sitting at $740,995, according to domain.com.au

Melbourne’s housing prices have been continuously growing for 4 years now, making it hard on those wanting to break into the property market. In this years June quarter prices went up by 1.5 percent, this also brought the annual rate up to 7.4 percent.

Melbourne’s inner east had the smallest recorded annual price growth at 0.5% and quite interestingly but not surprisingly, the highest recorded annual housing price growth was in Melbourne’s west which was 12.1% with the median now sitting at $511,335.

The cause of the continuous growth is said to be due to interest rate cuts, less properties on the market and investors wanting to buy ahead of the election. The market is still going along quite strongly but is predicted to start slowing, although prices are said to keep steadily growing.

Want to know what your property could be worth?

Visit http://meltonpropertyvalue.com.au/ for a free online report from a local expert, or for an even more accurate figure, contact Professionals Ryder Real Estate Melton for an obligation free market appraisal. – 9743 6400