Melbourne’s median house price increased 3.2 per cent in the September quarter to $740,000, according to the REIV.
Melbourne’s market is one of the best for sellers of houses and apartments in a number of years, REIV CEO Geoff White said today.
Releasing the latest property prices for every Melbourne suburb, he said that the Spring market is delivering everything home sellers need: solid price growth, high clearance rates and strong buyer demand.
In the September quarter, the city’s median house price increased 3.2 per cent to $740,000 Melbourne-wide, he said.
“The median price increase is taking place in tandem with a Spring clearance rate of close to 80 per cent, the highest in seven years,” he said.
“Everything is aligned for sellers, who are benefitting from strong buyer confidence and record low interest rates.”
Melbourne’s inner and middle suburbs were the main growth drivers in the September quarter with house prices in these regions up 4.2 and 3.5 per cent respectively.
After two successive quarters of strong price growth, the city’s outer suburbs recorded more moderate growth of 1.1 per cent.
He added that the top growth suburbs this quarter were widespread across the city – from Seaford in the outer south east to Williamstown and Werribee in the west.
Mr White said that Langwarrin recorded the city’s largest price growth with the median house price increasing 20 per cent over the quarter to $561,000. He added that outer suburbs remain attractive to many home buyers and investors.
“Melbourne’s more affordable areas continue to appeal to buyers seeking the value and space that the outer suburbs offer,” he said.
Meanwhile, apartment prices across the city also increased in the September quarter with the metropolitan median up 2.1 per cent to $545,500.
Mr White said that although listings have not reached the peaks of 2015, the current median price and excellent clearance rates indicates that the market is as healthy as ever.
“The market shows no signs of slowing down. The September quarter was stronger than expected and the market is only expected to improve with more than 4,000 auctions forecast for October.”