Melbourne auctions: Interstate buyer numbers increase as citys median house value stagnates [Video]

Real estate agency Ray White has observed a rise in the number of interstate buyers snapping up Melbourne homes at auction.

Melbourne is becoming a bargain hunting ground for interstate-based homebuyers attracted by the city’s waning median house price.

Australasia’s largest real estate company Ray White released an economic update this week showing Melbourne has a cooling housing market, along with Sydney, Canberra and Hobart.

Based on numbers from data analytics company Neoval, Melbourne’s median house price grew just 1.23 per cent, to hit $1.027m, in the 12 months to October.

That’s less than half of the 2.74 per cent it increased the 12 months to February, to reach $1.022m.

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In contrast, …