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Median Prices

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Melbourne’s median house price remains solid in December quarter

30 January 2015

Melbourne's housing market remained solid in the final quarter of last year, with the city's median house price of $669,000 up five per cent on the September quarter.

Prices increased in inner, middle and outer suburbs, in the latest REIV quarterly results released today.

"Inner Melbourne increased by 11.7 per cent for the year with middle Melbourne up by 13.2 per cent and outer Melbourne at 8.9 per cent," REIV Chief Executive Officer Enzo Raimondo said today.

"Melbourne's record-breaking auction boom, which continued until just days before Christmas, helped push home prices up.”

Mr Raimondo said at the end of 2014 Melbourne house prices were up 11.7 per cent compared with 2013.

He said that the three months to the end of December saw substantial price growth in many suburbs, with 20 Melbourne suburbs seeing growth above 10 per cent for the quarter. Leading the list for quarterly growth was Kew, followed by Carlton North, Dromana and Northcote.

With many homebuyers looking to regional Victoria for more affordable properties, the regional market also rebounded.  The December quarter median house price in regional Victoria was $344,000, up 5.5 per cent on September.

"The data shows the regional market's increasing strength: a year ago its median house price of $320,500 was a new record.  In 2012 it was just $302,000," he said.

Mr Raimondo said Melbourne's unit and apartment median price was up 1.6 per cent to $511,500, while in regional Victoria the median unit and apartment price rose 4.0 per cent to $257,000.

"With interest rates at record low levels for more than a year, the buoyant finish to the 2014 house sales year, with a string of  big auction weekends in December, is likely to give a fillip to the coming summer/autumn selling season,” he said.

To find out more

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December Quarter 2014 Median Prices

Metro Melbourne Dec-14 Quarter Quarterly change Sep-14 Quarter Annual change
House $669,000 5.3% $635,000 11.7%
Unit $511,500 1.6% $503,500 5.7%

Regional Victoria Dec-14 Quarter Quarterly change Sep-14 Quarter Annual change
House $344,000 5.5% $326,000 5.8%
Unit $257,000 4.0% $247,000 3.0%

Note: median prices are seasonally adjusted and annual change are based on rolling annual change 

Regional Centres^

House Prices Dec-14 Quarterly change Sep-14 Annual change
City of Greater Geelong $408,000 -0.5% $410,000 -0.5%
City of Greater Bendigo $334,500 0.6% $332,500 4.5%
City of Ballarat $307,000 2.3% $300,000 4.1%

Note: regional median prices are based on 12 months ending the quarter

Click here to find out what a median is, what seasonal adjustment is and why the REIV uses them.

Median prices over time

 

This graph shows median house and unit prices in Melbourne over the past decade in seasonally adjusted terms.

 

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