The REIV annual median prices for 2008 show that the Metropolitan residential median price increased 3.1 per cent from a revised $420,000 in 2007 to $433,000.
REIV CEO Enzo Raimondo said that in contrast to 2007 where the median increased 11.3 per cent price growth was more significant in the middle and more affordable segments of the market.
“The median price of a house in the affordable segment of the market increased in value by 7.6 per cent compared to only 0.3 per cent for the top end.
“In 2007 only 1 of the 20 fastest growing suburbs was priced below the Melbourne median compared to 13 in 2008 confirming that buyers looking for affordable homes and first home buyers were driving growth in suburbs such as Laverton, Dandenong, St Albans, Sunshine and Watsonia.
“In contrast the median in suburbs at the top end of the residential market reduced, Toorak remains Melbourne’s most expensive suburb with a median price of $2.6M despite a 7.3% reduction, followed by Brighton where the median dropped by 4.2 per cent to $1.6M and Canterbury also dropped by 10.9 per cent. During 2007 the medians in these suburbs increased by between 30 and 35 per cent.
“The result is quite good given the continuing difficult economic conditions and it appears the interest rate reductions and stimulus package introduced late last year are staring to have the desired effect.
“Price growth in the unit and apartment market was close to that in houses with an increase of 4.2 per cent from $355,000 to $370,000.
“Strong growth was recorded in non-traditional areas for unit and apartments including Maribyrnong, Sunshine, St Albans and Pascoe Vale along with the expected South Melbourne.
“Victoria’s main regional centres all recorded growth last year in line with or above Melbourne’s. The median grew by 4.2 per cent in the City of Greater Ballarat, by 2.2 per cent in the City of Greater Bendigo, by 2.9 per cent in Greater Geelong and by a strong 8.4 per cent in Greater Shepparton,” Mr Raimondo concluded.
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