June was a hot quarter for many Melbourne suburbs, according to the Real Estate Institute of Victoria’s high performer’s list. While there was plenty of news around the significant surge in unit prices, there was also good growth shown in median house prices across many areas of Melbourne.
Metropolitan unit values rose 3.2% and houses recorded a 1.1% decrease. But some areas saw median unit prices soar in the June quarter, such as Bentleigh up 42.3%, Sandringham up 39.9% and Ivanhoe up 31.9%. Despite this unusual winter flurry you can still find affordable units in Glen Iris up 25.5%, Footscray up 24%, St Kilda East up 20.2% and Moonee Ponds up 18%.
While there was a slight decrease in Melbourne’s metropolitan median house prices, the star performers included Toorak up 22.6%, Chirnside Park up 17.7% and Mulgrave up 17%.
As we head into the next quarter spring will bring with it the appointment of the new RBA governor, Michele Bullock. Currently the Deputy Governor, Ms Bullock will commence her new role as Governor on the 18th September 2023. As she steps into her 7 year term as the first woman to serve as RBA governor, we will be waiting with bated breath to see where interest rates and property prices go next.
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