Melbourne market continues to deliver solid price growth

Melbourne’s median house price has surged over $750,000 for the first time, new data from the REIV shows.

In the three months to December 31, Melbourne’s median house price increased 5.0 per cent to a record high $770,000.

Growth was widespread across Melbourne and the market

• From Toorak and Brighton to Moonee Ponds and Macleod. Double-digit growth was experienced in 43 of suburbs with more than 30 sales.
• Growth was also recorded in the outer, more affordable suburbs, including Cranbourne in the south-east, and Hoppers Crossing and Wyndham Vale in the west. The median house price in all three suburbs remains below $450,000.
• Units and apartments also increased in price over the December quarter in Melbourne, rising 3.0 per cent to $563,500.
• And in regional Victoria, house prices experienced growth of 2.0 per cent to $358,000, while the unit and apartment median was slightly lower than the September quarter at $269,000.

REIV President, Joseph Walton, said the latest quarterly figures indicate strength in the Victorian market.

• “It was a very strong closing quarter with the number of sales increasing, along with solid price results.
• “Transaction numbers in the inner and middle suburbs of Melbourne were up more than 20 per cent from the September quarter,” he said.

Mr Walton added that the market continues to display strength leading into 2017.

• “The ongoing interest from investors and homebuyers in the Victorian market looks likely to continue well into this year,” he said.
• “It is clearly an excellent time to sell, given this level of interest and buyer demand. It continues to drive price growth and high clearance rates,” he said.

Source: Joseph Walton