Surprise Melbourne median house price rebound - 2.9% in June quarter, with biggest growth in the top end: REIV
Median prices rebounded in the June quarter assisted by limited top-end Melbourne house activity, but still remain 5.3% lower annually, according to the Real Estate Institute of Victoria.
Reversing a trend of the past year, top-end Melbourne house prices rebounded 6.7% in the June quarter, according to the REIV.
Overall, Melbourne house prices rose 2.9% to a median of $535,000 in the June quarter, with the lowest-priced quartile rising 2.6%.
Median prices sit at 5.3% lower over the year.In the year to March, house prices fell furthest in more affluent suburbs, but in the June quarter house prices in the priciest 5th percentile rose from a median price of $1,406,500 to a median of $1,500,250.
This trend was reversed for unit prices, with prices for the most expensive units (those in the 95th percentile) falling an average of 3.3%, from a median of $950,900 to $920,000.
The REIV chief Enzo Raimondo said that a combination of broader economic factors, slowing population growth and continuing low levels of consumer confidence had resulted in no real capital growth in the residential market over the past year.
But the REIV chief Enzo Raimondo noted while the overall median price had fallen 5.3% over the past 12 months the overall median had not changed in the past six months.
“Both buyers and sellers are approaching the market in a conservative manner. This is translating into a lower number of sales than is present in a strong market and as a result, no real price growth has been recorded.
“The real estate market moves in cycles and, after the initial price falls in 2011, it is now in a period of stability marked by low activity.
Raimondo noted the median price had fallen 5.3% over the past 12 months but the overall median had not changed in the past six months.
The affluent suburb of East Melbourne had Melbourne's greatest increase in unit prices during the June 2012 quarter, according to the Real Estate Institute of Victoria and Toorak had the highest house price growth.
But agents caution that it's not likely that the approximnate 50% hikes in their median represented an actual shift in prices, but rather the predominance of pricey sales within the fewer than 30 actual sales.
It more likely reflected the dominence of a particular pricey market segment or even new development amid limited sales activity, rather than a dramatic price shift.
in the median represented an actual shift in prices, but rather the predominance of pricey unit sales within the fewer than 30 actual sales. The same goes with significant downwards shifts, which again reflect the dominence of a particular market segment amid limited sales activity, rather than a dramatic price shift.
Regional dwelling prices slid in the June quarter. At the same time last year regional Victorian suburbs outperformed their Melbourne peers, but after a flat March quarter regional house and unit prices fell in the June quarter.
Regional Victorian house prices fell an average of 1.6% in the June quarter, with unit prices faring even worse, with a 4.5% fall.
House Prices | Jun-12 Q | % chg to last q | Mar-12 Q | % chg to q last year | Jun-11 Q |
Lower Quartile | $400,000 | 2.6% | $390,051 | -3.6% | $415,000 |
Median | $535,000 | 2.9% | $520,000 | -5.3% | $565,050 |
Upper Quartile | $750,000 | 2.7% | $730,000 | -6.1% | $798,750 |
85th Percentile | $940,000 | 5.0% | $895,000 | -4.2% | $981,650 |
95th Percentile | $1,500,250 | 6.7% | $1,406,500 | -0.7% | $1,510,000 |
Source: REIV
Unit | Jun-12 Q | % chg to last q | Mar-12 Q | % chg to q | Jun-11 Q |
Lower Quartile | $357,500 | 2.1% | $350,000 | -2.1% | $365,000 |
Median | $450,000 | 1.9% | $441,500 | -4.1% | $469,000 |
Upper Quartile | $580,000 | -1.5% | $589,000 | -4.9% | $610,000 |
85th Percentile | $680,000 | -1.1% | $687,350 | -4.9% | $715,000 |
95th Percentile | $920,000 | -3.3% | $950,900 | -7.1% | $990,000 |
Source: REIV
Regional Victoria
House | Jun-12 Q | % chg to last q | Mar-12 Q | % chg to q | Jun-11 Q |
Lower | $231,000 |
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Median | $305,000 | -1.6% | $310,000 | -4.7% | $320,000 |
Upper | $402,750 |
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Source: REIV
Unit | Jun-12 Q | % chg to last q | Mar-12 Q | % chg to last year | Jun-11 Q |
Lower | $200,000 |
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Median | $247,250 | -4.5% | $259,000 | -1.1% | $250,000 |
Upper | $289,000 |
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Source: REIV