The REIV September quarter medians show that the residential housing market continues to remain stable, with a median house price in Melbourne of $530,000 compared to the revised June quarter median of $525,000. In regional Victoria the median house price was also stable, with a minor 0.7 per cent increase to $307,000.
How are the regional centres faring?
The non-metropolitan market continues to record more moderate growth over the medium term but is also not as likely to see the more volatile fluctuations prevalent in Melbourne.
The three main centres reflected this and recorded mixed results, with the median price of a house in Ballarat increasing by 1.8 per cent to $285,000; in Bendigo it dropped by two per cent in the quarter to $301,000; and in Geelong there was a 6.1 per cent reduction to $362,000.
Strong growth in prices was recorded in: Mildura, where the median increased by 7.6 per cent to $225,000; in Bairnsdale, where it rose by 5.2 per cent to $225,000; and in Traralgon, which rose by 9.3 per cent to $282,000.
Regional rental trends
Over the quarter the rental vacancy rate dropped from 2.9 to two per cent.
Of the three main regional centres the highest level of vacancies was recorded in Geelong, where the vacancy rate was 3.5 per cent in September. In Bendigo it remained very tight, with 0.9 per cent of rental homes vacant. Ballarat recorded 1.3 per cent.
Median rents for houses rose slightly over the quarter from $290 per week in July to $295 per week in September.