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Huge gains in March quarter for two bedroom homes in Melbourne's east

15/06/2009

Melbourne's east has reversed some previous negative property value trends and has begun to surge forward again.

Real Estate Institute of Victoria (REIV) CEO, Enzo Raimondo, has said that this has been highlighted by the strong March quarter growth experienced in the two-bedroom dwelling market in the east of Melbourne.

"Our analysis shows that even when the overall median moved down, there were segments of the market that experienced strong demand," says Raimondo. "The median price of a two bedroom home in the inner east increased by 9.3% in the March quarter from $588,500 to $643,500, while the Melbourne median decreased by 3.1% over the same quarter to $410,000."

Property values in the outer east and south east segments of the Melbourne market also experienced significant gains in median price during the March quarter, according to results from the REIV. Two bedroom homes in the outer east rose by 8.2% from a median value of $328,000 in the December quarter to $355,000 in the March quarter.

"This is a result that highlights the impact of the reduced interest rates and financial assistance for first homebuyers," says Raimondo.

Two-bedroom homes in Melbourne's south eastern region increased by 5.3% during the March quarter, pushing the median price from $435,500 in December to $458,500. Two-bedroom inner city Melbourne homes also experienced a large rise during the same quarter, growing by 5.1% to a median value of $580,000.

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