Melbourne’s significant August growth a “one off”: Residex

Residex’s John Edwards has called the substantial growth in Melbourne over August a “one off”, with a slower pace to mark the way forward.

He noted that Melbourne’s property market often appears more volatile than others across Australia.

“We suspect this is a function of the selling process, which is predominately auction driven,” Edwards noted.

Melbourne house price growth from August 2012 to August 2013 was 4.57%. From August 2013 to August 2014 it was recorded at 10.71%. Over the last quarter, 2.10% growth was recorded, with 2.31% over the month.

Melbourne unit price growth from August 2012 to August 2013 was 0.57%. From August 2013 to August 2014 it was recorded at 5.80%. Over the last quarter, 0.71% growth was recorded, with 1.0% over the month.

The August house price growth is the highest seen since March 2013.

Edwards said that the quarterly trend suggests that more moderate growth will be recorded over September.