Home Purchase - Now or Never

These days it is impossible for anyone to predict when it is the right time to purchase a home.

Just simply wait for the right property to purchase.

Melbourne's population is increasing at a faster rate than many other capital cities leading to increase in house prices by over $750,000 over the last three months.

The median house price in the city has risen by 15% since September last year according to the Real Estate Institute of Victoria (REIV) as stated in their December quarter update.

Purchasing the right property in the right suburb requires careful consideration and research. Buyers need to look for suburbs that have strong positive attributes, such as good public transport, good schools, shops close to arterials and above all in areas that are constantly showing growth in population.

The biggest increases were recorded in Melbourne's Eastern suburbs. Burwood shot up by over 23 per cent in the quarter, to $810,000 up from $658,000 while Ringwood increased by about 16 per cent. Apartments and units have also increased by 7.6 per cent to a median price of $441,000.

The most affordable homes are located in Melbourne's far outer west.

Economists are predicting that Melbourne's residential property will make another steady start in 2010 and continue to do so in the long term.