Victorian property prices haven’t experienced the same level of significant growth that many other states have seen in recent years, in fact there has been a decline both in metropolitan Melbourne and regional Victoria property values since 2021 and and 2022 respectively.
Metropolitan Melbourne reached its peak of $1,135,500 in Q4 of 2021 before declining to $910,000 in Q4 2023. Since then, prices have remained steady to reach $916,000 in the September 2024 quarter.
In regional Victoria, prices grew steadily to $615,000 in the third quarter of 2022 before a minimal decline to $600,000 in the September 2024 quarter.
However, the September Quarterly Report by REIV shows a slightly more positive result for units and apartments in outer Melbourne.
The September 2024 quarter provided the third successive median house price increase for units and apartments in outer Melbourne, up 0.6% to a median price of $603,000.
Of the 20 suburbs recording Victoria’s highest house prices, eight were located in outer Melbourne. Keysborough recorded the highest increase for the quarter at 6.8%, driving the median price up to $1,015,000.
REIV’s Market Insights report shows metropolitan Melbourne house and unit prices remaining steady during the September quarter. House prices increased 0.1% to a median price of $916,000 while units rose 0.2% to $628,000.
The big movers in the September quarter were Kew, up 8.5% to $2,810,000, and Burwood up 8.4% to $1,452,000.
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