Victoria's residential prices bouncing back
Victoria’s housing market is bouncing back from the recent downturn, according to the latest REIV quarterly median price data.
A springtime boost is helping to restore the housing market with house prices up by 4.5% in the latest REIV September Median Quarterly, while the price of units has grown by 3.9%.
Melbourne’s growth of 4.5% is the highest quarterly result since March 2017.
Melbourne’s housing growth was led by the northern suburbs with Preston achieving the highest quarterly growth with 25.7%, closely followed by the neighbouring Coburg on 20.8%.
Melbournes highest growth was in middle Melbourne, where house prices grew by 8.3%.
Doreen overtook Pakenham and Cragieburn to achieve the most number of housing sales during the September Quarter.
Donvale remains Melbournes most consistent suburb, being the only area to achieve positive growth both quarterly and yearly.
The growth was shared across the board in regional Victoria with unit prices increasing by a massive 7.1%.
Bendigo is the top regional housing performer, scoring 11.9% quarterly and 29.7% annual growth.
While Churchill and Moe have been crowned as the two most affordable suburbs in regional Victoria.
REIV Presidents Leah Calnan said the September quarter has brought the news prospective sellers have been waiting to hear.
“Enthusiasm is growing as prices surge and properties are being snapped up more quickly, this is the perfect time to get on the market,” Calnan said.
“Warmer spring weather, lower interest rates and easier loaning protocols have resulted in significant growth for Victoria’s real estate sector.
“Growing prices and increasing sales are great news for everybody, and our market is in the midst of a much-needed recovery.
“The September Quarterly results make for great reading, but we are not out of the woods yet.”
September Quarter 2019 Median Prices
Median Prices, Seasonally Adjusted | ||||||
Note: Year-on-year growth is based on rolling annual figures | ||||||
| Sep-19 Quarter | Jun-19 Quarter | Quarterly Change | 12 months to Sep-19 Quarter | 12 months to Sep-18 Quarter | Annual Change |
Metropolitan Melbourne |
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House | $830,000 | $794,000 | 4.5% | $810,000 | $835,500 | -3.1% |
Unit and Apartment | $613,500 | $590,500 | 3.9% | $595,000 | $597,500 | -0.4% |
Regional Victoria |
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House | $408,500 | $405,000 | 0.9% | $410,000 | $395,000 | 3.8% |
Unit and Apartment | $302,500 | $282,500 | 7.1% | $295,000 | $290,000 | 1.7% |
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| Sep-19 Quarter | Jun-19 Quarter | Quarterly Change | 12 months to Sep-19 Quarter | 12 months to Sep-18 Quarter | Annual Change |
Inner Melbourne |
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House | $1,379,500 | $1,342,500 | 2.8% | $1,381,000 | $1,526,000 | -9.5% |
Unit and Apartment | $601,000 | $587,500 | 2.3% | $590,000 | $595,000 | -0.8% |
Middle Melbourne |
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House | $983,000 | $907,500 | 8.3% | $925,000 | $1,005,000 | -8.0% |
Unit and Apartment | $680,500 | $654,000 | 4.1% | $655,000 | $661,000 | -0.9% |
Outer Melbourne |
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House | $658,500 | $631,000 | 4.4% | $645,000 | $675,000 | -4.4% |
Unit and Apartment | $519,500 | $496,000 | 4.7% | $505,500 | $515,000 | -1.8% |
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| Sep-19 Quarter | Jun-19 Quarter | Quarterly Change | 12 months to Sep-19 Quarter | 12 months to Sep-18 Quarter | Annual Change |
Auctions |
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House | $978,000 | $925,500 | 5.7% | $950,000 | $950,000 | 0.0% |
Unit and Apartment | $695,000 | $652,000 | 6.6% | $666,000 | $670,000 | -0.6% |
Private Sale |
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House | $727,000 | $715,500 | 1.6% | $730,000 | $750,000 | -2.7% |
Unit and Apartment | $554,000 | $542,000 | 2.2% | $545,000 | $539,000 | 1.1% |
