Weekly Market Update - 23rd July 2019
By Advantage Property | 23rd Jul 19
Your weekly update by Frank Valentic
Melbourne’s property market continues it recovery with improving clearance rates being seen this year. This weekend’s clearance rate of 73% was from a volume of 407 auctions.
The Real Estate Institute of Victoria’s latest data reveals that the median house price for Middle Melbourne is sitting at less than $900,000 for the first time in almost three years, creating upsizing opportunities for aspirational house hunters with the goal of buying in to some of Melbourne’s most sought-after postcodes.
REIV President Robyn Waters said the Real Estate Institute of Victoria’s June 2019 quarterly data report shows the Middle Melbourne (10-20kms from the CBD) median house price is $894,000, the lowest it’s been since the September 2016 quarter and down 1.8 per cent from $910,000 in the March 2019 quarter.
The REIV’s data shows that the metropolitan house price has now fallen for five consecutive quarters but the reduction of 1.1 per cent in June 2019 is softer than the 2.5 per cent drop in December 2018 and 2.0 per cent in March 2019. Regional Victoria, where the median house price has increased 3.8 per cent to $404,500 in the past 12 months.