21st June 2014
GROWTH CONTINUES AT SLOWER PACE Melbourne’s median home prices have grown again in the March quarter to a new peak of $652,500, reflecting an annual growth of 13.7 per cent. REIV CEO Enzo Raimondo said that while Melbourne’s house and unit prices continued to grow, the increase this quarter was more moderate than in the past two quarters. “We saw a strong second half of 2013, so this more moderate growth is to be expected,” he said.
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Mr Raimondo added that the March quarter growth was 3.7 per cent, compared to 5.3 per cent in the December quarter. “The market is still growing, but at a much more moderate pace and is far from what would be called a housing ‘boom’,” he said. The quarter has also seen a broader spread of growth suburbs, and two new million dollar-plus suburbs. “While the top growth suburbs in the previous quarter were dominated by the inner Melbourne areas, growth this quarter occurred further from the CBD – including in Beaumaris, Brighton, Kew, Epping and Sorrento. “And two more suburbs, Bentleigh and Templestowe, joined the million dollar-plus group of suburbs this quarter. There are now 52 suburbs with a median price above $1 million,” he said. He added that the auction market remains relatively healthy with a surge in the number of auctions and a clearance rate of 72 per cent in the March quarter, falling to just below 70 per cent in April. Demand for Melbourne houses continues to outstrip demand for units with Melbourne’s median unit price increasing by 1.1 per cent to $499,000 during the quarter. In regional Victoria, the unit and apartment median price in the March quarter grew by 8.2 per cent to $262,500, and the median house price by 1.3 per cent to $322,000. Information courtesy of the REIV Craig J. Stephens Managing Director / Officer in Effective Control M 0418 547 938
As a service to our vendors, we will require names & phone numbers on entry of all inspections. Privacy Act 2000: We use personal information collected from you during open for inspections for security purposes. We may also use that information to contact you with respect to this property and others we believe may be of interest to you. Also, we may contact you in relation to other services provided by us or our associates such as insurance, mortgages and loans. By providing your information to us you agree to our use of it as described above unless you advise us differently. If the information is not provided we may not be able to provide an effective and comprehensive service to you. (Your personal information will be collected and held in accordance with provisions of the Information Privacy Act 2000). We have obtained all information in this document from sources we believe to be reliable, however, we cannot guarantee its accuracy. Prospective purchasers are advised to carry out their own investigations. We strongly recommend that you clearly register your interest with our representative at the open for inspection, so that in the event of a sale being imminent, your position is protected. We make every effort to contact all interested parties prior to a property being sold.
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