Victoria continued to buck the national trend of escalating property values according to the Real Estate Institute of Victoria, with the June quarter showing a slight drop in median house prices across the metropolitan Melbourne area.
House prices in Melbourne fell 1.5% in the June quarter, taking the median house price to $912,000. Units in Melbourne fell 0.1% to reach a median price of $629,000.
Regional areas dominated Victoria’s price growth statistics, led by the greater Geelong and Bendigo areas, rising 0.2% to $602,000 on average across regional Victoria. Unit values in regional locations fell by 1.4% to $418,000 in the same period.
The median house price in Geelong increased by 8.7% over the past twelve months to hit the $1M mark, while Bendigo homes remained steady at a median price of $580,000.
While not necessarily what home owners want to see, decreasing or at least steady prices may help first home buyers trying to escape the struggling rental market once and for all.
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