It’s good news for property owners as the spring selling season kicks off with home prices continuing to rise.
Across the country prices have now been rising for six months according to the latest CoreLogic’s Home Value Index.
Around $34,301 has been added to the median dwelling value since February nationally.
And Melbourne and its suburbs are also seeing some positive news for sellers.
Melbourne home prices rose 0.5 per cent in August with the median value now at $768,216.
Across Melbourne four of the top performing growth suburbs across the last 12 months were in the Inner East, South East and Outer Eastern areas.
Manningham West in the Inner East showed an annual change of 4.3 per cent with a median house price of $1,424,066, while Whitehorse - West saw growth of 4.1 per cent to a median value of $1,189,988.
Monash in the South East climbed to a median value of $1,238,287 with an annual change of 3.1 per cent, and Whitehorse - East followed in with a 2.6 per cent change with a median value of $1,195,039.
For those looking to buy there is also good news, with properties on the market also on the rise.
Melbourne has recorded a substantial rise in total advertised supply up 8.3 per cent over the past two months.
That’s an unusual trend according to CoreLogic research director, Tim Lawless.
“We have seen vendors becoming more active though winter, which is seasonally unusual,” Mr Lawless said.
And it seems that trend is continuing with more homes coming on to the market in September.
The first week of spring has not disappointed with Melbourne adding 146 new listings (as of
September 6), an increase of 84.81 per cent compared to the previous week.
The decision by the Reserve Bank to put rates on hold at its September meeting, for the third month running is also good news for buyers and sellers.
But its too soon to call a peak in rates according to Mr Lawless.
“While a pause in the cash rate may gradually instill more confidence in the market, this is still very much an uncertain and thinly traded upswing,” he said.