Devil's in the detail when it comes to working out the sales figures

Posted on 5/03/2011  
MELBOURNE must be Australia's most schizophrenic real estate market. It has at least three property personalities: the runaway boom town, the mid-range quiet achiever and the moderate slow-paced performer.

Which one is the real Melbourne? It depends on whose figures you believe.

The Real Estate Institute of Victoria records price growth averaging 20.4 per cent last year. However, RP Data says Melbourne's value index grew just 8.5 per cent.

Between those extremes we have the Australian Bureau of Statistics with 10.8 per cent and Australian Property Monitors' 14 per cent.

Melbourne had a moderate, good and fantastic year, all at once.

This situation encapsulates a key frustration for consumers. There's no shortage of data, it's just that one set of numbers often contradicts another.

From Terry Ryder's Hotspotting column published in the new Property Section of The Weekend Australian.

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