$10 million spent on property every single day in Boroondara

Over $10 million was spent on real estate every day in Boroondara during 2013.

It takes a few months after the end of the calendar year for a vast majority of property transactions to settle and be finalised.

With final numbers for 2013 now available, a comparison with previous years can now be undertaken.

In 2013 there were 81,590 residential sales in Melbourne and 107,845 in Victoria. Looking at the Melbourne market over the medium term this is a comparatively low level of sales. Since the year 2000, nine years have seen a higher level of sales with a peak in 2007 with 105,194 sales.

Thankfully, a combination of more confident consumers and record low interest rates has been the catalyst for the level of sales in 2013 rising above the two preceding years of 77,867, and 73,459 respectively.

It is important to note that the volume of transactions has a direct impact on the health of the Victorian government budget as a significant portion of its income is derived from stamp duty as well as the industries that supply and support the housing sector, real estate, building and ancillary services.

On a more local basis, the highest number of sales took place in the city’s growth areas with the highest levels of the spending taking place in the inner east.

The highest number of sales took place in Melbourne's growth areas with the highest levels of the spending taking place in the inner east.

Across the state’s municipalities, the highest number of total transactions took place in Casey where 4,130 sales were recorded equating to around 11 sales every day. Similar numbers were recorded in the Mornington Peninsula with inner city locations, Melbourne and Boroondara following.

The largest volume of sales in financial terms was recorded in Boroondara where $3.97 billion was spent on residential real estate, or just over $10 million every day.

At the other end of the scale, Nillumbik recorded the lowest number of sales, at 946 and the lowest in financial terms at $507 million.