Great news for business brokers in Victoria, Melbourne’s property market remains strong and has shown consistent growth this quarter, according to the Real Estate Institute of Victoria’s latest median data.
According to the report of Real Estate View, Melbourne’s median house price increased about 3.6 percent to a record high of $725,000, from March through June of 2016 – arguably the highest price growth since September of last year.
And it’s not just concentrated in one area fortunately. Melbourne’s real estate growth has been widespread as median prices experiencing a double-digit increase, including some of the affordable suburb areas like St. Albans, Sunshine West and Sunbury. In addition, affluent suburbs like Toorak, Camberwell and Prahran also experienced considerable growth.
However, it’s Moonee Ponds that can be considered as the area that received the most outstanding growth within Melbourne’s Inner North. According to sources, it garnered a massive 22.2 percent increase, compared to the previous quarter – jumping up to a whopping $1.2 million for houses in the area.
Geoff White, REIV CEO, said that the latest quarterly figures show that the growth being experienced by Melbourne, shows real strength in the Victorian market.
He said, “Recent national data from the Real Estate Institute of Australia shows that most states, apart from Melbourne and Adelaide,”
White added that the area “experienced moderating home prices in the opening months of 2016.”
He said, “Just over a year ago we were seeing quarterly price growth just above five per cent, while growth is now below four per cent, it is still solid, given market conditions.”
And compared to the previous year, the new data stated that there were fewer properties on the market this quarter, as Melbourne is down by around 300 each week.
White said, “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.”