House prices hold ground across the State

MEDIA RELEASE

Price stability continues across Victoria’s property market, with metropolitan units climbing 3.2 per cent to $630,500 while metropolitan houses recorded a 1.1 per cent drop to $937,500.

According to the Real Estate Institute of Victoria’s quarterly median data, metropolitan units in middle Melbourne saw the highest quarterly growth, with units in the eastern suburb Mount Waverley climbing almost 25 per cent to $1,245,000. Million-dollar units in bayside suburbs climbed higher, with Hampton units rising 20.1 percent to $1,105,000 and Brighton East climbing 14.9 per cent to $1,402,500.

Despite unit prices rising in most Melbourne suburbs, metropolitan house price growth was largely recorded in middle Melbourne. The eastern suburb of Mulgrave returned to the $1 million median club, growing from $970,000 to $1,135,000 with a 17.0 percent increase.

Other suburbs that returned to a million-dollar median included Patterson Lakes ($1,116,000 from $865,000), Sandhurst ($1,100,050 from $965,500), Knoxfield ($1,080,500 from $862,500), Heidelberg Heights ($1,032,500 from $905,000).

Buyers seeking homes in sought after inner suburbs could look to pockets like Kew and Malvern, which recorded quarterly declines in median house prices of more than 9 per cent to $2,900,000 and $2,775,000 respectively. In outer Melbourne, several affordable suburbs became more attractive for buyers, with Melton South houses sitting at $460,000 (down 2.4 per cent), and Harkness at $570,000 (down 3.4 per cent).

In regional Victoria, quarterly house prices rose 0.6 per cent statewide to $604,500 (from $601,000) while unit medians declined 2.6 per cent, to $411,500 (from $422,500).

At the foot of the Victorian Alps, Mansfield recorded the greatest quarterly increase of 9.9 per cent to $830,000 in the June quarter. Median house price for Swan Hill rose to $472,500, bringing annual growth to 30.5 per cent – highest among regional municipalities.

Affordability improved in several of the state’s most prized coastal towns, with Ocean Grove houses down 10.6 per cent at $1,050,000 and Inverloch houses down 3.8 per cent at $1,000,000.

In some regional towns, there units recorded significant price increases, Moe rising 16.8 per cent to $232,500 (from $199,000), Horsham up 16.7 percent to $385,000 (from $330,000) and Bairnsdale up 14.3 per cent to $368,500 (from $322,500) last quarter.

Mr Andrew Meehan, REIV President, said stability prevails across Victoria’s property market despite macro-economic and policy pressures, with attractive selling and buying windows opening for participants in both metropolitan and regional.

“In another quarter of interest rate rises, it’s encouraging to see such stability across Victoria’s property market. Middle Melbourne is particularly buoyant, transaction volumes remain strong and there are affordable buying opportunities in some of our state’s beloved coastal towns. We expect to see this stability continue into the second half of the year.” said Mr Meehan.

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