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.
Chat to us about how a property advocate can help you sell or buy in the current market with confidence. Investment buyers can receive invaluable support and guidance through our Buyers Advocacy Service, and for landlords who are selling, our Vendor Advocacy Service helps vendors achieve outstanding results.
To book a free 20-minute consultation, simply click here and choose a time convenient to you.
By Wendy Chamberlain
Copyright 2024 | All Rights Reserved
WANT TO USE THIS ARTICLE?
You can as long as you include the following (links must be active):
With a passion for all things real estate spanning 20 years, Wendy loves that her role as a Buyers and Sellers Advocate gives her buying and selling clients an experienced voice they can trust when it comes to negotiating to buy or sell something as important as their home or investment. Wendy considers it a privilege to be asked to help others realise such an important goal as home ownership and to be trusted with that honour. Get in touch today via www.chamberlainadvocates.com.au for a no obligation chat about how Wendy can work with you and help you save time and money to secure your new home sooner.