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Melbourne homes rise 6.1%

21 August 2015 by News Desk

property_house20Rising house prices in Melbourne are being driven by demand for detached properties.

The city is now seeing faster house price growth, at 6.1%, than Sydney. And most of that growth has come in the past three months.

The cost of buying a house in Melbourne has risen by 12.3% over the past year compared with a 4.8% rise in the price of units (apartments).

Darrell Todd of thinkingaustralia says: “House prices have been driven upwards by demand for older detached properties and a big rise in the cost of vacant land. The price of units is not rising quite so fast due to the high number of newly-built units that are coming onto the market”.

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