By Robert Larocca

The RP Data Rismark Home Value July index results shows that Melbourne dwelling values continued to grow in July with a new peak reached for houses and minimal value growth for units

Based on current trends so far this year, vendors looking to sell houses in spring are well placed to do so.

In the three months to the end of July, the RP Data Home Value Index for Melbourne dwellings rose 1.8 per cent bringing the year to date increase to 6.8 per cent.

House values in Melbourne reached a new all time high in July after a 2 per cent rise over the quarter and 7.6 per cent rise over the year to date. Based on settled sales over the three months the median house price was $590,000.

The unit market has leveled, displaying almost no growth in values as high levels of supply leave values unchanged over the last three months and only a 0.9 per cent rise over the first seven months of the year.

The auction market continues to be healthy despite the normally softer winter season. The average clearance rate over the first 8 months of the year was 67.3 per cent, slightly down on the 68 per cent over the same time in 2013.

Overall transaction, levels in Melbourne are still not showing rapid growth, the most recent data suggests a rise of only 5 per cent on last year which indicates a residential market that is healthy but not overheating.

Robert Larocca
RP Data Victoria Housing Market Specialist

Source: RPD

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