What Melbourne's median house price really gets you
According to the latest RP Data-Rismark Home Value Index Results, Melbourne dwellings sold for a median price of $515,000 for 2014’s March quarter.
Melbourne's median dwelling price has increased 11.6% increase year on year, the second biggest yearly increase after 15.6% growth in Sydney median dwelling price.
Property Observer looks at five Melbourne homes that recently sold around the median $515,000 mark.
41/9-19 Miller Street, Fitzroy North
An apartment (pictured above) in Fitzroy North’s Miller Park complex sold for $510,000 on 9 April. The two bedroom first floor unit opens onto secure communal gardens and is situated just off Nicholson Street. This property sold below March’s median unit price for Fitzroy, which was $671,000 according to RPData.
- Price: $510,000
- Rooms: Two
- Drive to CBD: 10 minutes
This three bedroom home in Melbourne’s northern suburbs sold at $510,000 earlier this week. Another one sold on the back of its development potential, the weatherboard sits on a 585 square metre plot within walking distance of Reservoir train station and the Preston market. It was purchased by the vendors in 2006 for $258,000, almost doubling in value over eight years.
- Price: $510,000
- Rooms: Three
- Drive to CBD: 18 minutes
This two bedroom unit (pictured above) sold for $511,000 this past weekend. The apartment in a low-rise complex has an open plan living area and is located near Melbourne’s Botanical Gardens. Though selling below Southbank’s March median price of $566,000, the property’s value almost doubled over the past 11 years. The vendors purchased the Dodd Street apartment for $265,000 in 2003.
- Price: $511,000
- Rooms: Two
- Drive to CBD: Six minutes
A new build in Melbourne’s south west, this three bedroom, two bathroom home (pictured above) sold for $525,000 on Monday. Bedrooms are carpeted while living areas feature hardwood flooring. The brick house with a courtyard and garage sold above the March median for houses in Altona North, which sat at $507,000.
- Price: $525,000
- Rooms: Three
- Drive to CBD: 17 minutes
12 Busst Drive, Watsonia North
Situated 17 kilometres north-east of the Melbourne CBD, this Watsonia North home (pictured above) sold for $515,500 this past weekend. The three bedroom house with front and backyards is situated on a corner plot, with the selling agent suggesting the possibility of further development subject to council approval. The home was last advertised to tenants at $380 per week in February, putting rental yield at 3.84%.
- Price: $515,000
- Rooms: Three
- Drive to CBD: 27 minutes
Photo of Melbourne courtesy of Vincent Q/flickr.
