New data promises a strong return for the property market

Date: 23 Apr 20

Thursday, 23 April 2020

The Victorian real estate sector, like most of the economy, saw a significant change in working conditions from late March 2020. The latest data from the Real Estate Institute of Victoria reveals the strong performance of the Victorian property market in the lead up to the crisis.

REIV President Leah Calnan says that these numbers show the underlying strength of the market. Even though we are currently experiencing some difficult conditions, we believe that the market will return to its buoyant form when restrictions are eased. 

REIV President Leah Calnan says the Victorian Property Market achieved record-breaking growth prior to the outbreak of Coronavirus, with the REIV Quarterly Median House and Unit for the March quarter revealing great results across the state.

During the March Quarter metropolitan houses soared to a new record height, eclipsing $890,000 for the first time, a 3.7% growth on the previous December 2019 quarter.

Units (including apartments, townhouses and flats) across metro Melbourne have recorded the highest quarterly median value at $641,000

Records were smashed in the Outer Melbourne region with both Houses and units reaching new high quarterly values at $695,500 and $550,000 respectively.

These record values come off the back of a strong December 2019 quarter, giving Victoria three successive quarters of positive growth. 

REIV President Leah Calnan said the “Real Estate had a strong start to 2020; property values have reached new heights across the state during January, February and March.” Ms Calnan said.

“Auction clearance rates often used an indicator of buyer interest, were recorded at an average of 75.7% from 6931 auctions during the quarter (up from 56.4% from 5573 auctions in March 2019 quarter).

“The real estate sector has adapted quickly to the current economic conditions, adopting technology and assisting Victorians the best they can” 

“Our local market is strong and resilient; buyers from across the globe are have shown great interest in Victoria.” 

“Our industry is strong, and we will survive Coronavirus, the desire for Victorian real estate is high when this over we look forward to more fantastic results.”

Media contact: 
Andrew Kilmartin 0418395346

REIV Members, please log in to download the complete list of median prices by suburb and town.

Download Median Report 

See the latest update on Victorian market insights.

View Metro Insights   View Regional Insights