Melbourne House Prices Hit Record High
- By Peter Gordon
- •
- 29 Jan, 2020
Here's a great update for our clients on the Melbourne property market. We have had Melbourne on our radar for several years and continue to do so. The update on units is great news for our clients who have just settled on their apartments in Abbotsford.
Melbourne's median house price has surpassed $850,000 for the first time, as Victoria's property market returns to growth after last year's period of uncertainty.
The December 2019 quarter marks the first time that metropolitan house values have surpassed $850,000, according to data from the Real Estate Institute of Victoria, following two consecutive quarters of growth of more than 3 per cent.
REIV president Leah Calnan says that the last time this occurred was in June 2017.
Melbourne house prices are up by 3.7 per cent, according to the quarterly data, while units increased by 3.8 per cent.
“The latest REIV quarterly median price data shows that Victoria’s property sector has achieved new heights across most metrics with many price records eclipsed throughout the state,” Calnan said.
“For the first time Melbourne unit values surpassed $630,000, while new benchmarks were set across inner, middle, and outer rings.”
The data shows Melbourne’s eastern and south-eastern region dominated the top quarterly growth for both houses and units.
Suburbs Mitcham, Nunawading, Blackburn South, and Blackburn North recorded growth of more than 15 per cent for the quarter and surpassed the $1 million median house price mark.
Regional Victoria
The REIV data shows that market momentum was also recorded in regional Victoria, as house prices recorded growth of 2.2 per cent over the previous quarter, setting a new median price record of $422,500.
While regional units saw an uptick of 3.2 per cent to $307,500, also setting a new high according to the data.
Corelogic expects Melbourne’s market to surpass Sydney this year.
In December the data house forecasts that Melbourne’s median house values could rise up to 14 per cent, while Sydney was tipped to increase by 12 per cent.
Corelogic’s home value index December 2019 shows a strong finish for housing values across the country, with the national index rising 4 per cent over the December quarter.
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Sydneysiders and Melburnians, put aside your equally outstanding flat whites for a moment. Stop bickering about whether great beaches beat cool laneways (they do) and desist from debating whether all baristas require waxed moustaches (ideally).
Because Brisbane is closing in on the title of Australia’s best city, and we must join forces to keep this subtropical upstart in its place.
Time magazine recently named Brisvegas on its “World’s Greatest Places” list, and omitted our cities. It’s a huge shock (and who knew they still published Time magazine?). But they might be onto something.
Time points to the 2032 Olympic and Paralympic Games, which will be hosted in the maroon metropolis. Brisbane will do a fine job, even though it’ll baffle the world when rugby league is added to the schedule and Queensland is allowed to field its own team.
Time’s most radical claim is that Brisbane is worth visiting now, but tourism is surging. Not only did Lin-Manuel Miranda recently drop in to catch Hamilton , but hundreds of Hamilfans flew up to watch his interview with Leigh Sales (presumably unaware that it would subsequently arrive on iView for free).
A leading local agent has appraised each side of these duplex's to be worth $665k on completion and rent for $495 per week. So that is massive potentail instant equity of up to $390K on completion, which is incredibly hard to find.