reiv data

Data from industry body the Real Estate Insitute of Victoria (REIV) reveals properties are being tightly held in inner Melbourne, as vendors wait out a period of sluggish growth.

Buyers can save more than $3 million by buying an apartment rather than a house in some of Melbourne's most exclusive suburbs.

New data from the REIV shows that government incentives have created strong demand for property at the lower end of the Melbourne market, with 44 per cent of all sales in the September quarter valued at less than $600,000.

“The last weekend in October is likely to see the highest number of auctions held in a single weekend since March 2016," says REIV CEO, Gil King.