Investing in Australian property in the Melbourne area is proving an increasingly competitive affair at auctions, according to real estate agents.
Figures in the industry are reporting up to eight bidders at some auctions, which is proving good for the sector within the 20-kilometre auction ring, reports the Age.
Speaking to the newspaper, Buxton's Craig Williamson suggested that there had been a "mad scramble" for some properties.
However, he added that the stamp duty burden is still a deterrent, stagnating turnover and resulting in would-be sellers choosing to stay in properties rather than move.
National figures in the Australian Property Monitors' House Price Report show that Melbourne prices rose by more than other regions in September.
House prices nationally rose by 7.1 per cent during 2009, while Melbourne house prices were nearly double that, rising by 12.3 per cent in the six months to September.
Unit and house prices also increased in value over every capital city in the three months to September.
Figures in the industry are reporting up to eight bidders at some auctions, which is proving good for the sector within the 20-kilometre auction ring, reports the Age.
Speaking to the newspaper, Buxton's Craig Williamson suggested that there had been a "mad scramble" for some properties.
However, he added that the stamp duty burden is still a deterrent, stagnating turnover and resulting in would-be sellers choosing to stay in properties rather than move.
National figures in the Australian Property Monitors' House Price Report show that Melbourne prices rose by more than other regions in September.
House prices nationally rose by 7.1 per cent during 2009, while Melbourne house prices were nearly double that, rising by 12.3 per cent in the six months to September.
Unit and house prices also increased in value over every capital city in the three months to September.
