Sell with Confidence
Read More

Median Home Prices Grow in March Quarter

By Rachael Vrana

Melbourne’s median home prices have grown again in the March quarter to a new peak of $652,500, reflecting an annual growth of 13.7 per cent.  REIV CEO Enzo Raimondo said that while Melbourne’s house and unit prices continued to grow, the increase this quarter was more moderate than in the past two quarters.

“We saw a strong second half of 2013, so this more moderate growth is to be expected,” he said.  Mr Raimondo added that the March quarter growth was 3.7 per cent, compared to 5.3 per cent in the December quarter. “The market is still growing, but at a much more moderate pace and is far from what would be called a housing ‘boom’,” he said.  The quarter has also seen a broader spread of growth suburbs, and two new million dollar-plus suburbs.

“While the top growth suburbs in the previous quarter were dominated by the inner Melbourne areas, growth this quarter occurred further from the CBD – including in Beaumaris, Brighton, Kew, Epping and Sorrento.  “And two more suburbs, Bentleigh and Templestowe, joined the million dollar-plus group of suburbs this quarter. There are now 17 suburbs with a median price above $1 million,” he said.

He added that the auction market remains relatively healthy with a surge in the number of auctions and a clearance rate of 72 per cent in the March quarter, falling to just below 70 per cent in April.  Demand for Melbourne houses continues to outstrip demand for units with Melbourne’s median unit price increasing by 1.1 per cent to $499,000 during the quarter.

In regional Victoria, the unit and apartment median price in the March quarter grew by 8.2 per cent to $262,500 and the median house price by 1.3 per cent to $322,000.


Up to Date

Latest News

  • The benefits of staging

    A great marketing campaign covers off on reach (how far the product is going) and frequency (how often a customer is reminded about that product). This coupled with presentation equates to a comprehensive approach to securing the most customers and creating a competitive environment which we all know equals premium … Read more

    Read Full Post

  • 6 ways Aussies are embracing affordable luxury at home

    If your tastes err towards caviar, but your budget is more beans on toast, you’re likely wondering how to balance your lavish preferences with your limited resources. The good news is that it’s entirely possible to make your home feel more sumptuous, even if you’re if you’re light on funds. … Read more

    Read Full Post