Melbourne’s median house price increases 1.4 per cent in 2018
The Real Estate Institute of Victoria’s latest data reveals that Melbourne’s median house price increased 1.4 per cent to $826,500 (from $815,000) and the unit price increased 1.8 per cent to $597,000 (from $586,500) in the 2018 calendar year.
REIV President Robyn Waters said that despite low confidence, sluggish auction clearance rates and a 20 per cent reduction in residential property sales in the past 12 months, vendors are still getting good prices for their homes when they do sell.
The December quarter saw a drop in Metropolitan Melbourne’s median house price of 3.7 per cent to $796,500 while Regional Victoria’s went up by 2.5 per cent. Ms Waters said properties are being tightly held in Inner Melbourne as vendors wait out this period while the markets in Outer Melbourne and Regional Victoria are stronger as buyers are inclined to snap up more affordable options.
Regional Victoria’s property market was the star performer in the 2018 calendar year, with a 5.5 per cent annual increase in the median house price to $400,000 (up from $379,000) and annual increases of more than 20 per cent in the top five towns.
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.
Jan 2019
