Market Update 28th January 2020
By Advantage Property | 28th Jan 20
Welcome back to our first Market Update of the year and we hope you had a great festive season and Happy New year to you and your family. It looks like the Melbourne property market will continue to strengthen further after a strong finish last year. There has been solid demand from buyers in the new year, especially at the lower end of the market where the first 10,000 First Home Buyers will benefit from the First Home Buyers loan deposit scheme where they will only need a small deposit to get into the market now.
Melbourne property prices are at an all time high with the December REIV results showing that the median house price has now hit $859,000. Buyers need to get in sooner rather than later. Melbourne house prices increased by 3.7% for the December quarter and they had already increased by 4.5% in the previous quarter being 8.2% in the last 12 months. Melbourne's median unit price has also increased to $639,000 increasing by 3.8%.
Records continue to be smashed and the nations most expensive sale in 2019 was an off the plan purchase. A yet to be built Lendlease Tower development sold for $140 million with the mega apartment having 9 bedrooms and the massive size of approx 1600sqm interal.