The REIV has released the June quarter median prices which reveal that the median price of a house in Melbourne has increased by 8.5 per cent to $559,000 from a revised $515,000 in the March quarter.
The data indicates that whilst the auction market has returned to a more balanced position, price growth is being driven by demand in the city’s more affordable suburbs.
The strong June quarter reflected the state’s increasing population and wider positive economic factors and has resulted in higher housing prices in the middle of the market.
Increased housing prices, rents and interest rates are also contributing to worsening affordability in Melbourne.
Dandenong, which now has a median house price of $500,000, recorded the highest increase – 31.5 per cent – followed by Rosebud, whose median is $413,000 after an increase of 18 per cent.
Broadmeadows, Footscray and Glenroy also recorded strong increases in demand and their median prices.
Analysis of sales by method shows that the median price of a house sold by private sale increased by five per cent and the median of a house sold by auction reduced by two per cent. This is in part due to an increased preference for auctions as a sales method in the first half of this year.
The increased demand and prices in suburbs not dominated by auction sales also reflects the fact that during the quarter the auction clearance rate dropped from 85 per cent to 74 per cent.
Prices have also continued to rise in the unit and apartment market, with an increase of 4.7 per cent to $463,215 in the quarter. Carlton, Ascot Vale, Malvern East, Northcote and Footscray had the largest increases in their medians over the quarter.
In the Regional Victoria the City of Greater Shepparton recorded the largest increase with a 7.7 per cent increase in the median to $271,750. The City of Ballarat recorded a 4.7 per cent increase to $270,000, the City of Greater Geelong recorded a 3.6 per cent increase to $365,000 and City of Greater Bendigo recorded a slight drop of 0.7 per cent to $265,000.
Please note that whilst median prices for a number of non-metropolitan suburbs are available on propertyDATA.com.au, the medians for non-metropolitan Municipalities are not.
If interested in learning more about this update please contact me today!
Tags: apartment market, ascot vale, Auction, cent, city of greater shepparton, housing, malvern east, median house price, Quarter, whilst
 |
As Domain Property Advocates continues to grow I will continue to provide superior service to those choosing to use property as their investment. It is an important choice of who to choose as the one responsible to look after your property. You can be sure that Domain Property Advocates will always strive to be the best. |  |
