Time to upsize during the tail end of property market correction
The Real Estate Institute of Victoria’s latest data reveals that the median house price for Middle Melbourne is sitting at less than $900,000 for the first time in almost three years, creating upsizing opportunities for aspirational house hunters with the goal of buying in to some of Melbourne’s most sought-after postcodes.
REIV President Robyn Waters said the Real Estate Institute of Victoria’s June 2019 quarterly data report shows the Middle Melbourne (10-20kms from the CBD) median house price is $894,000, the lowest it’s been since the September 2016 quarter and down 1.8 per cent from $910,000 in the March 2019 quarter.
The REIV’s data shows that the metropolitan house price has now fallen for five consecutive quarters but the reduction of 1.1 per cent in June 2019 is softer than the 2.5 per cent drop in December 2018 and 2.0 per cent in March 2019. Regional Victoria, where the median house price has increased 3.8 per cent to $404,500 in the past 12 months.
If you’d like to learn how your suburb performed over the last 6 months, please don’t hesitate to contact us.
Looking to buy or invest, read our suburb reports, filled with valuable information on schools, people, and lifestyles. Click here.
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.
While we have taken care to ensure the information above is true and correct at the time of publication, changes in circumstances and legislation after the displayed date may impact the accuracy of this article. If you want to learn more, please contact us. We welcome the opportunity to assist you.
