Melbourne property prices flat in March quarter: REIV
Melbourne property prices remained flat over the March quarter, according to the Real Estate Institute of Victoria.
The median house price in metropolitan Melbourne was $535,000, representing a minor 0.9% increase over the year and the same rise from the revised $530,000 December quarter median.
REIV chief executive Enzo Raimondo says demand for residential property over the past year reflected the broader state of the economy and forecast that buyers will continue to find prices maintaining current levels in the short term.
“The property market moves in cycles and now we are in one of stability, with overall median house prices showing no real growth.
“The median house price has increased $5000 since March 2011, confirming a very stable market in relation to prices.”
The unit market fell 1.1% to $445,000 from $450,000 in the December quarter and fell by a larger 4.2% decline over the year.
The fluctuations follow a five-year period during which the median house price increased by 43% and 39% for units.
“Until the economy and confidence improve, the market is likely to remain as it is now,” Raimondo says.
Kew edged out Brighton and Camberwell to be the most expensive suburb to buy a house.
Suburbs like Ringwood, Coburg and Footscray, in the middle of the market pricing, recorded much of the strongest growth.
