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Melbourne's ten-year property growth revealed

A recent review of statistical data by a leading industry body has shown the growth enjoyed by Melbourne's property management industry over the last decade.

According to the Real Estate Institute of Victoria (REIV), the information provided by the Australian Bureau of Statistics (ABS) shows that the median house price in the state's capital city has increased by as much as 103 per cent since 2001.

Last month’s figures show that the median price for private dwellings was around $590,000 in the June quarter - well above the amount recorded at the same time a decade ago of $291,000.

Some areas have increased at a greater rate than others, with the wealthy suburb of Toorak more than doubling in value from $1.06 million to $2.18 million.

In more affordable areas the effects of real estate growth have been even more pronounced, with housing in Broadmeadows leaping from $116,000 in 2001 to $370,500 the last quarter.

While certain elements of the industry have proved to be a little shaky in recent years, investors with property management training may find that these figures validate their decision to enter into the Melbourne market.

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