Melbourne’s house prices have regained more than half their losses of the recent property downturn exhibiting their quickest turnaround on record.

Values were up 2.3% in October, which was the largest month on month change since late-2009, taking the market 6% higher since finding a floor in May.

The following metrics confirm the Melbourne housing market is progressively improving:

  • The average selling time of a home is 32 days (33 days a year ago);
  • Vendors are discounting their properties an average of 4.4% to affect a sale (4.9% a year ago); and
  • 15.9% fewer properties sold in the last 12 months compared to the previous year.

SOURCE – SMART COMPANY – MICHAEL YARDNEY

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