Fears became widespread last year as Australia’s biggest data providers and banks predicted the housing markets in Melbourne would fall almost 10 per cent. However, Australia’s top authority on house prices, Valuer-General, released data, providing insight on what really happened in 2018’s house values.
Valuer-General is known to be the most reliable when it comes to house prices despite the duration of its calculation. The firm takes six months to calculate but releases 93 per cent of all sales via the State Revenue Office, which is responsible for overseeing stamp duty on all property purchases.
According to Valuer-General, its figures released revealed that house prices in 2018 dropped 4.9 per cent or $37,500 to $732,500. Both CoreLogic and National Australia Bank announced last year that the fall is expected to be between 9.1 per cent to 8 per cent.
The basis of this forecast came from indexed values, or theoretical figures that disregard whether the houses included are already sold or not. As for Valuer-General’s data, the figures came from the prices of sold homes.
Based on Valuer-General figures, South Yarra in Victoria received the hardest blow, with a fall of 30.4 per cent in house prices in 2018. That is from $2.3 million at the end of 2017 down to $1.6 million median in 2018.
Meanwhile, some areas received growth, with Cairnlea in Victoria (12.5 per cent to $807,500), Botanic Ridge in the South East (10.4 per cent to $751,000), Gisborne (17.9 per cent to $785,000), and Mt Martha on the Mornington Peninsula (16.5 per cent to $1.27 million).
The predictions last year compared with Valuer-General’s results are far-off to each other, but that doesn’t stop the decrease in prices in some areas within the country. If you’re planning to buy properties Australia, it’s time to look for potential areas within the year and decide before it grows with higher prices.
An easy way to look at properties is online through National Brokers Network. Our website offers updated listings on different properties, which are commercial and residential, and even businesses. Each listing provides a full description of the property as well as the broker’s contact details for accessibility and negotiation.
Make your property hunting easy and secure. All it takes is to visit our listings page on our website at https://www.nationalbrokersnetwork.com.au/ or contact us at 03 9226 9222 or email info@nationalbrokers.com.au to get started.
