Categorized | International

Victoria’s Real Estate Market

Victoria’s Real Estate Market
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The real estate market of Victoria stays and the overall activity in the sector is quite similar to the past few years. It was anticipated that the real estate sector would show an incredible change as the inventories showed a 15 year high limits, as reported by the Board of Victoria Real Estate.

The president of the board said that sales of this year declined by 20 per cent as compared to the previous year. However the first initial months of the previous year resulted in a huge increase in the prices of real estate. In June 618 houses and other real estate properties were sold off using a multiple listing service, which was an increase as compared to 572 sales of properties in the last year. The further said that market is showing a balanced situation in the absence of price fluctuations and if the scenario continues the sector will show improvement tremendously.

The average price of single storey family homes ranged to $629,629 which rose from $628,462 in the month of May. Similarly, the average rate of condominiums settled itself to $320,172 which was a decrease as compared to prices in May which amounted to $328,345.

The inventory levels have increased and this is the time when people mostly opt for mortgaging options as it makes real estate a bit difficult to be affordable. In spite of this fact, you may find a number of people who still opts for properties in seasons when inventories are high as they like buying high priced properties.

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About Josh Johnson

Josh is the main writer for the Residential category. He also helps out on other categories when needed, mainly the International section.

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