THE Real Estate Institute of Victoria\u2019s latest data reveals that Melbourne\u2019s median house price increased 1.4 per cent to $826,500 (from $815,000) and the unit price increased 1.8 per cent to $597,000 (from $586,500) in the 2018 calendar year.<\/p>\n
REIV President Robyn Waters said that despite low confidence, sluggish auction clearance rates and a 20 per cent reduction in residential property sales in the past 12 months, vendors are still getting good prices for their homes when they do sell.<\/p>\n
\u201cIt might take you a bit longer to sell and you might have to put in a bit more effort, but the big picture is showing that house prices have increased slightly in Melbourne over the past 12 months,\u201d Ms Waters said.<\/p>\n
\u201cConfidence is a major factor in the property market and this latest REIV data is showing that the market overall is steady, coming off an increase in the median house price of 13.2 per cent in 2017 which could not be sustained.<\/p>\n
\u201cThe top 20 star suburbs of 2018 were all in the outer ring with most located in the expanding south east and Mornington Peninsula\/Bayside areas; new transport infrastructure including Skyrail and the Monash Freeway widening are likely to have been a factor in this growth.\u201d<\/p>\n
The December quarter saw a drop in Metropolitan Melbourne\u2019s median house price of 3.7 per cent to $796,500 while regional Victoria\u2019s went up by 2.5 per cent.<\/p>\n
Ms Waters said that properties are being tightly held in Inner Melbourne as vendors wait out this period while the markets in outer Melbourne and regional Victoria are stronger as buyers are inclined to snap up more affordable options.<\/p>\n
\u201cThere is no doubt that the banks\u2019 tighter lending conditions are contributing to this trend as are incentives for first homebuyers which encourage the purchase of affordable properties, more likely to be found in outer Melbourne or regional Victoria,\u201d Ms Waters said.<\/p>\n
\u201cThe REIV expects Victoria\u2019s property market to remain steady in the first half of 2019 as we await the outcome of the banking Royal Commission and Federal Election but things should begin to look up again in the second half of the year.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
THE Real Estate Institute of Victoria\u2019s latest data reveals that Melbourne\u2019s median house price increased 1.4 per cent to $826,500 (from $815,000) and the unit price increased 1.8 per cent to $597,000 (from $586,500) in the 2018 calendar year. REIV President Robyn Waters said that despite low confidence, sluggish auction clearance rates and a 20 […]<\/p>\n