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.
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.