New Real Estate Institute of Victoria (REIV) data shows for the three months ended 30 June 2018, median house price performance in regional Victoria outstripped that in Melbourne.
While median house prices in the state’s regions rose 4.0% to $419,500, they dipped by 0.6% to $840,000 in the Melbourne metro area.
Melbourne was predominantly effected by the decline in auction results as private sales had increased by 2.3%.
This overall correction was apparent in Inner Melbourne, where the overall median house price dropped 4.9% to $1,459,000 and in Middle Melbourne, which fell 5.4% to $974,500.
The Outer Melbourne house market performed more strongly, with the median edging up by 0.5% to $681,000.
Unit and apartment median price in Regional Victoria increased by 3.7% to $304,500, while the Metro median was up by 0.5% to $604,000, indicating a continued interest in smaller properties.
Disclaimer – The REIV is the most authoritative source for information about the Victorian rental market with historical vacancy rates from October 2002. The REIV, on a monthly basis, collect current vacancy rates and rental data from Members and view.com.au leases.
July 2018
