Real estate prices in Melbourne have overcome the psychological barrier of 600,000 Australian dollars

27.01.2011 16:00
While submerged in flood Queensland calculate the damage and predict - how long will the housing market to recover after a disaster - the capital of Victoria sets new price records. Now at home in Melbourne's most expensive real estate can compete with cities such as London, New York and Toronto.

Despite increased interest rates on loans, the average price of homes in Melbourne by the end of the year reached its maximum - 601.5 thousand Austral. dollars ($ 593 thousand). Thus Melbourne almost caught up with Sydney, a city with the most expensive real estate in Australia, where the median price for houses is 634.3 thousand Austral. dollars ($ 626 thousand), reports HeraldSun.

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The most expensive, elite and attractive areas to live are considered suburbs of Melbourne: Canterbury, Hawthorn and Kew. But to realize "great Australian dream" and become the owner of the property are now able to much more. Price target of 600 thousand - a severe blow to potential buyers.

Over the past decade real estate in Melbourne increased by 330 thousand Austral. dollars ($ 326 thousand), and the house was added in the price of 180 thousand Austral. dollars ($ 178 thousand) only in the last two years. Australian real estate rose in price everywhere, and the end of 2010 the market of this country has even been recognized as the best in the world. "

Flooding in Queensland's economic prosperity was shattered by it. According to experts, it can take from 10 to 15 years before the property in the flooded areas will gain its former popularity. But to prevent real estate prices rise in Victoria for the foreseeable future, there may only high rates. In 2011, the experts did not expect such rapid price growth, as in the past.
Content tags: Overseas property
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