The REIV annual median prices for 2008 reflect a general stabilisation of Victoria’s residential property market as a result of continuing economic uncertainty and a decline in investor and consumer confidence. There were however some distinct trends amongst different segments of the market.
The annual house price median is $433,000, an increase of 3.1 per cent since the boom in 2007 and up 20.3 per cent since 2003.
The suburbs that showed a marked decline in median values are in the more expensive end of the market; those same suburbs enjoyed unsustainable growth throughout 2007.
Unsurprisingly, the top end of the median house prices was Toorak whose median was $2,600,000, followed by Brighton at $1,600,000 and Canterbury at $1,488,000. Despite Toorak’s posting the highest median price for the year, its median house price showed a decline of -7.3 per cent; Brighton showed an annual drop of -4.2 per cent; and Canterbury -10.9 per cent.
With a median of $192,000 Melton South topped the list of most affordable houses by median price followed by Melton at $207,000.
Topping the list of growth suburbs in 2008 were Templestowe whose median grew by 22.5 per cent to $796,000, Laverton which grew 22.2 per cent to $266,500and Dandenong which was up 21.5 per cent to $334,000.
Only seven out of the top 20 growth suburbs for 2008 showed a median price in excess of the annual median of $433,000: Templestowe at $796,000, Lysterfield at $591,000, Strathmore at $735,000, St Kilda at $894,000, Albert Park at $1,105,000, Maidstone at $445,000 and Avondale Heights, $455,000.
Throughout the year, the Victorian property market showed increased demand for affordably priced properties − and this demand is driven by three factors: Melbourne’s strong population growth; an undersupply of newly constructed properties; and a further tightening in the rental market.
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