Melbourne median house prices close to Sydney: JLL
Melbourne median house prices are up by 11.7 percent to $675,000 year on year, nearly matching Sydney according to JLL's Residential Market Report for February.
Apartment prices, according to the report, have increased more slowly, up by 6.9 percent to $506,000 year on year with the price growth percentage in Melbourne exceeded Sydney in Q3 and Q4.
The report said the median house price was down in December, 2.2 percent month on month, up 0.7 percent quarter on quarter.
"The auction clearance rate at 13/12 was 64.7 percent, while the number of actual sales under auction was up 6.9 percent on the same period last year.
"However, strong demand continues in Melbourne, in contrast to Sydney, with an expectation of 4% growth on median house prices.
"The apartment market is oversupplied, with slower price increases. The number of new listings is down 4.1 percent on last year, with total listings also down 3.5 percent."
