The REIV June quarter median prices show moderate growth in the Melbourne housing market over the last quarter.
REIV CEO Enzo Raimondo said the median price for a detached home in Melbourne has recovered much of the ground lost in the March quarter, increasing by 4.9 per cent from $430,000 to $451,000.
“The moderate increase in the median price this quarter confirms that the Melbourne housing market is stable.
“Each week around 1500 people move to Melbourne, ensuring strong demand for property to buy and rent right across the city. This has contributed to the Melbourne residential property market performing better than other capital cities in these changing economic conditions.
“There is also no doubt that the market is calmer and more sustainable than it was this time last year, providing more opportunities for buyers.
“The more sustainable position of the market is highlighted when comparing growth rates over the last year. In the June 2007 quarter South Yarra was the highest growth suburb with an increase in the median of 60 per cent, compared to the June 2008 quarter with Glen Iris the highest growth suburb with an increase of 12 per cent.
“Home buyers in Melbourne are still looking for value, underscored by the fact that increases in values were predominantly in suburbs with prices around or below the Melbourne median; suburbs such as Hillside ($330,000), Glenroy ($381,000), Coburg ($538,500), Cheltenham ($575,000), Mount Martha ($525,000), Mulgrave ($473,075) and Wheelers Hill ($566,888).
“The median price for units and apartments has continued to show less volatility than detached homes. The median price for a unit or apartment dropped less than detached home in the March quarter and in the June quarter remained steady with a median of $370,000.
“Over the longer term the two housing types, houses and units and apartments have shown near identical increases in value with the median price of a house increasing by 27 per cent over 5 years compared to 28.9 per cent for units.
“Some volatility remains in the market and this year has seen a reduction in transactions compared to the same time last year. However if moderate economic growth continues and interest rates remain stable then the local housing market will continue to perform well,” Mr Raimondo concluded.
If interested in learning more about this update please contact me today!
 |
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. |  |
