Singles Dominate Melbourne Bayside

Singles dominate Melbourne Bayside

Inner Bayside Melbourne is the hotspot according to Real Estate Institute of Victoria (REIV) analysis of the 2011 Census data from the Australian Bureau of Statistics (ABS).

Bayside suburbs of St Kilda, St Kilda West, Carlton, Elwood and South Yarra have the highest proportion ofsingle person households in Melbourne along with Carlton says REIV Policy and Public Affairs Manager Robert Larocca. In St Kilda, St Kilda West, Carlton, Elwood and South Yarra at least one in three homes has only one resident.

These trends have an important impact on development and demand for housing, he continues. New developments clearly respond to this demographic trend by building residences more suited to single people, Larocca says.

Interestingly, the data also shows that the further the suburb is from the CBD, the less likely it is that only one person will be residing in the home, with one exception – the Belgrave/Lilydale train line, where most suburbs have a higher than average proportion of lone–resident households.

“At the other end of the spectrum are the growth suburbs: Point Cook, Greenvale, Roxburgh Park, Doreen, Narre Warren South and Narre Warren North, for instance. In those suburbs less than 10 per cent of homes only have one resident. The growth suburbs are obviously highly populated by growing families,” Mr Larocca concluded.

Suburb

% of lone-person dwellings*

St Kilda

36%

St Kilda West

35%

Carlton

35%

Elwood

32%

South Yarra

32%

Prahran

32%

St Kilda East

32%

Windsor

32%

Chelsea

32%

East Melbourne

31%

*ABS/REIV: suburbs with more than 15% vacant dwellings on Census night generally excluded.

A shot of courage for Aussie Housing

You often hear that Australian housing is more expensive than, say, UK or US housing, if not the dearest in the world. 

Wild fluctuations in currencies make international comparisons hard, to say nothing of profound differences in house price data, household formation and population growth rates, the availability of new housing supply, the urban structure of nations, interest rates, and the legal, tax and institutional features of housing markets around the world. 

Read more here

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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