The total number of transfers for the five months July to November 2010 was 82,801. This was an increase of 5.9% compared to the equivalent five months of 2009.
2010 figures were an increase of 14% compared to the equivalent five months of 2008.
Victorian residential property prices rose strongly in 2007 and 2009. 2008 was a year of flat prices. Sales volumes also rose in 2007 and 2009 and were lower in 2008. Given that home prices have been flat since about April 2010, the recent months’ figures for transfers are surprisingly high.
Property sales volumes as reported by the REIV, for the first week of December 2010, shows fewer sales compared to 12 months ago and a declining auction clearance rate.