Melbourne property market reaches $725,000 median price: REIV

Melbourne property market reaches $725,000 median price: REIV
Melbourne property market reaches $725,000 median price: REIV

New figures from the REIV show the median Melbourne house price increased 3.6 percent to a high of $725,000 in the three months to June 30 - the largest price growth since September 2015.

Double-digit growth was recorded in Camberwell, Prahran and Richmond. Torah, Wyndham Vale and Roxburgh Park also recorded increases with growth experienced in more affordable suburbs such as Hillside, St Albans, Sunshine West and Sunbury.  

Geoff White, chief executive officer of the REIV, said recent national data from the Real Estate Institute of Australia shows that most states, apart from Melbourne and Adelaide, have experienced moderating home prices in the opening months of 2016. 

“Just over a year ago we were seeing quarterly price growth just above five percent,” he said.

“While growth is now below four percent, it is still solid, given market conditions. There have been fewer property listings this quarter, down by around 300 weekly across Melbourne in comparison to last year.

“While fewer sellers are putting their homes on the market, prices are still extremely solid.

“The message to vendors is that the market is still bubbling along nicely – and that, given the sales results and prices, those looking to list their homes should do so prior to spring. ’Now’ is a great time to sell."

MELBOURNE MEDIAN HOUSE PRICES – JUNE QUARTER

 

 

Top Growth Suburb

Jun-16 Median

Mar-16 Median

Quarterly Change

1

    BRIGHTON

$2,715,000

$2,030,000

33.7%

2

    MOONEE PONDS

$1,265,000

$1,035,000

22.2%

3

    HILLSIDE

$600,000

$505,000

18.8%

4

    NORTHCOTE

$1,170,000

$990,000

18.2%

5

    TOORAK

$4,500,000

$3,900,000

15.4%

6

    ST ALBANS

$529,250

$462,000

14.6%

7

    WILLIAMSTOWN

$1,155,000

$1,010,500

14.3%

8

    RICHMOND

$1,222,500

$1,072,000

14.0%

9

    CAMBERWELL

$2,146,250

$1,890,000

13.6%

10

    PRAHRAN

$1,370,000

$1,210,500

13.2%

11

    SUNSHINE WEST

$520,000

$462,500

12.4%

12

    SUNBURY

$412,500

$371,250

11.1%

13

    AVONDALE HEIGHTS

$792,500

$720,000

10.1%

14

    ROXBURGH PARK

$425,000

$387,500

9.7%

15

    SURREY HILLS

$1,835,000

$1,676,000

9.5%

16

    WYNDHAM VALE

$385,000

$352,500

9.2%

17

    SOUTH MORANG

$503,000

$461,000

9.1%

18

    COBURG

$870,000

$800,000

8.7%

19

   CRANBOURNE NORTH

$455,000

$420,130

8.3%

20

    GREENVALE

$650,000

$600,000

8.3%

 

 

 

 

 

 

 

 

 

Michael Crawford

Michael Crawford

Michael is the real estate reporter for western Sydney and loves writing about homes and the people who live in them. A former production editor and news journalist, he enjoys writing about real-world property purchases as well as aspirational buys and builds. Following a recent move from Sydney’s northern beaches, Michael now actually enjoys commuting.

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Melbourne Median Price

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