The previous high for Melbourne’s median price was at $505,000. The city is predicted to soar above than in coming property sales.

More than 1000 homes will be sold under the hammer today, and experts expect the median price record to be shattered if this month will perform as well as September, when home values experienced a 2.6% increase. The most number of auctions was in May 2010, and October 2013 is on par to meet this as there are 4500 scheduled auctions for this month. Real estate agents are optimistic that this record is not going to stand any longer, with the steady trends of auction clearance rates averaging in the high 70% for the past several months.

Read more about this on The Australian website.

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Dorian Traill is the current Director of Grand Capital Finance Group and Fountain Property Group. He specialize in home loans for people as well as helping them build wealth through quality investment properties that ultimately lead to long term financial freedom.