6.5% quarterly increase in Melbourne housing values led by inner 20km suburbs: Valuer General

The latest Victorian Property Sales Report - covering the December 2014 quarter - has been released this month.

The median price of houses in Victoria increased by 6.7% from $450,000 to $480,000 over the December 2014 quarter.

For the 12 months from December 2013 to December 2014, the median house price in Victoria increased a more modest 2.1%.

The median price of units in Victoria increased by 5.9%, from $425,000 in the September 2014 quarter to $450,000 at the end of the December 2014 quarter.

For the 12 months from December 2013 to December 2014, median unit prices increased 2.3% from $440,000.

Metropolitan Melbourne sales statistics for the December 2014 quarter show increases of 6.5% to $570,000 for median house prices, 5.6% to $475,000 for median unit prices.

For the 12 months to December 2014, median sales prices in metropolitan Melbourne showed increases of 0.9% for houses, 2.6% for units and 5.8% for vacant land.

In the December 2014 quarter the median house price in country Victoria increased by 5.2% from $290,000 to $305,000. Units increased by 6.4% to $250,000, and vacant land increased by 1.5% to $132,000.

Over the 12 months to December 2014, median sale prices in country Victoria showed a 1.7% increase for houses, 2% increase for units and 2.6% decrease for vacant land.

Of the 714 listed Victorian locations, 279 had median house price increases for the December 2014 quarter compared to 270 in the September 2014 quarter. Four localities recorded no change, 203 showed a decrease and 228 had insufficient sales.

The highest number of house sales for the quarter was 230 in Berwick.

There were 35 locations with 100 or more sales in the December 2014 quarter, the Victorian Valuer-General, Robert Marsh said.

The Victorian Property Sales Report represents 93% of sales across the state, based on official Notices of Acquisition.

The number of house sales so far recorded across Victoria for the December 2014 quarter is 22,255. 

The number of metropolitan sales for the quarter is expected to culminate at 17,557, which is 16.4 per cent higher than the September 2014 quarter and 9.6% higher than the December 2013 quarter.

The data indicates that the driving factor in the 6.5% increase in metropolitan Melbourne housing values were localities within 20km of Melbourne.

The following table demonstrates the volatility in median house price changes and indicates the need for data analysts to undertake their own detailed research.