Melbourne’s price growth stars revealed

Date: 19 Jan 19

Amid the doom and gloom surrounding the Melbourne housing market, the city’s median sale price actually crept up last year.

Victoria’s peak real estate body found Melbourne’s house median rose 1.4 per cent from $815,000 in 2017 to $826,500 in 2018.
The figure was pulled up by booming outer suburbs including Mt Martha, Officer and Cranbourne North, according to the Real Estate Institute of Victoria.

But a lacklustre December quarter, in which the house median fell 3.7 per cent, ensured the annual gains were only slight.

Melbourne’s unit median also increased 1.8 per cent to $597,000 in 2018.

REIV president Robyn Waters said despite sluggish auction clearance rates, a 20 per cent annual drop in residential sales and low confidence in the market, vendors who did offload homes still achieved good prices in 2018.

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