Latest Figures Show Price Growth in Melbourne Market

Melbourne median house prices showing sustainable growth

According to figures just released by the REIV, Melbourne’s median house prices are showing growth. The June quarter prices reveal an increase on the median house price of 5.4 per cent to $590,000 from $560,000 in the March quarter and a 5.7 per cent increase in the last 12 months.

This reflects that the Melbourne residential property market has recorded moderate price growth over the last 12 months which is great news. Although the current median is slightly below the peak of $601,500 reached in the December quarter 2010, the June quarter shows that both prices and demand have remained resilient.

 

June Qtr 2011

March Qtr 2011

March Qtr 2010

% Change Mar 2011 – Jun 2011

% Change Jun 2010 – Jun 2011

Houses

$590,000

$560,000

$558,000

5.4%

5.7%

Units

$474,500

$460,000

$470,000

3.2%

1%

These figures highlight the need for investors to look at property performance from a long term perspective. The real estate market remains a great investment alternative over the long haul, particularly when considering the health of the Victorian economy, population growth and the level of construction and supply.

For more facts and figures regarding Melbourne Metro prices, check with the REIV website here.

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About davidcutlerproperty
David Cutler is a highly successful sales consultant at Gary Peer Caulfield. David provides clients with six star service customised to their individual needs. From formulating marketing strategies, through to completing contracts, he is diligent, dedicated and highly motivated to achieve the best results. His growing base of happy clients is testament to his ability to develop strong relationships based on mutual respect and integrity. When he is not busy selling property David spends quality time with his young family. And when time permits he also enjoys on and off road cycling and is an avid fan of rugby union’s Springboks.

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