What’s actually happening to Melbourne’s real estate market this year? Is regional Victoria really experiencing increased prices? We turned to the Real Estate Institute of Victoria to get quarterly stats that tell the true story.
The end of the second quarter in metropolitan Melbourne showed a median house price of $953K, which was a 3.1% decrease for the quarter. The median unit price was $644K, down 2.1% for the quarter. The auction clearance rate across the quarter was 68.8% and the days on market was 42.
In regional Victoria at the end of the second quarter, the median house price was $667K which was a 0.1% quarterly price increase. The median unit price in regional Victoria was $470K, which was a 1.6% quarterly price increase. The auction clearance rate was 63.1% and the days on market was 51.
So while the stats do differ somewhat depending on which report you read, overall we are seeing slight price drops in both house and unit values in metropolitan Melbourne, and slight increases in house and unit values in regional Victoria.
But remember, these figures are averages across all properties which may not accurately reflect changes within a specific price bracket.
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By Wendy Chamberlain
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