Melbourne, Australia's property market could be 'top performer'

Those looking to purchase overseas property in Australia may be interested to learn that Melbourne's property market looks set to have been one of the best performing markets over the last 12 months, according to an expert.

Matthew Bell, an economist for Australian Property Monitors, claimed that Melbourne saw the average house price rise by more than 25 per cent over the year to March 2010, reports the Sydney Morning Herald.

Such a rise would make Melbourne one of the world's most successfully-performing property markets in the last year.

Mr Bell pointed out that rises in average housing prices indicated a shift in the types of houses being sold and an increase in housing value.

He believes that Melbourne's suburbs have seen an increase in properties being bought at the top end of the market during the most recent 12 month period.

Last week, it was reported by the Sydney Morning Herald that low interest rates across Australia had ensured the country's housing market had remained strong during a time were many other countries had seen their property values struggle.

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