Melbourne Property News Edition 3, 2020
Week Ending 26 January 2020
OBrien Real Estate checking in with our third edition of the “Property News” for 2020.
Let’s kick off with the important data just released by the REIV, the December quarter figures reveal the median house price for Melbourne has now hit $859,500 which is a 3.7% increase from the previous quarter, also released was median rentals prices at $460 per week which now brings the average rental yield at 2.9%
In economic news, the weekly ANZ Roy Morgan consumer confidence report achieved its highest reading since December and the International Monetary Fund is now predicting growth at 3.3% compared to the 2.9% achieved in 2019. Home loan data was released late last week, which saw a rise of 2.2% in investor loans.
In the coming weeks’ attention will be turning to the Reserve Bank when it releases its Interest rates decision on Feb 4, with 55% of the countries’ leading economists predicting a cut of 25 basis points.