Demand for two-bedroom homes has proved to be a bright spot amid the general market downturn.
A detailed analysis of the REIV March quarter median prices has shown that two-bedroom homes in the eastern suburbs experienced increases in value at the same time as the Melbourne median went down.
The median price for a house in the March quarter was $410,000, down from $423,000 in the December quarter.
The data analysis compared the median price of a house based on the number of bedrooms and location in the metropolitan area.
It showed that even as the overall median moved down, there were segments of the market that experienced strong demand.
The best results were recorded for two-bedroom homes in the inner east, outer east and south-eastern suburbs.
The median price of a two-bedroom home in the inner east increased by 9.3 per cent in the quarter from $588,500 to $643,500, in the outer east the median price increased by 8.2 per cent from $328,000 to $355,000 and in the south-east the median price increased by 5.3 per cent from $435,500 to $458,500.
Recent quarters have seen strong demand in the western suburbs but the March quarter saw a resurgence in the eastern suburbs and, in particular, for two-bedroom homes.
These results highlight the current primary drivers of demand in the Melbourne market: the positive impact of reduced interest rates, financial assistance for first-home buyers and the ongoing increase in population.
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Tags: analysis, cent, First home buyers, house, market downturn, median price, median prices, reiv, south eastern suburbs, Two-bedroom
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