Melbourne’s property market has shown solid growth this quarter according the Real Estate Institute of Victoria’s latest median data. From March through to June 2016, Melbourne’s median house price increased 3.6% to a record high $725,000 – the largest price growth since September 2015.
The growth across Melbourne has been wide spread, with median prices experiencing a double-digit increase. This includes more affordable suburbs like St Albans, Sunshine West and Sunbury, but also in the more affluent suburbs such as Toorak, Camberwell and Prahran.
Moonee Ponds has been a standout in Melbourne’s Inner North with a massive 22.2% increase from the previous quarter. Jumping up to over $1.2 million for houses in the area.
REIV Chief Executive Officer, Geoff White, said the latest quarterly figures indicate real strength in the Victorian market.
“Recent national data from the Real Estate Institute of Australia shows that most states, apart from Melbourne and Adelaide, have experienced moderating home prices in the opening months of 2016.”
At the same time, Mr White said that price growth is slower than at the market peak in late 2014 and early 2015.
“Just over a year ago we were seeing quarterly price growth just above five per cent,” he said.
“While growth is now below four per cent, it is still solid, given market conditions.”
In comparison to the previous year, there were fewer properties on the market this quarter, Melbourne being down by around 300 each week.
“While fewer sellers are putting their homes on the market, prices are still extremely solid,” he said.
“The message to vendors is that the market is still bubbling along nicely – and that, given the sales results and prices, those looking to list their homes should do so prior to spring. ’Now’ is a great time to sell.”