Melbourne treads water

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The Melbourne housing market has reached a stagnant point, with no growth or decline recorded for June. 

The Real Estate Institute of Victoria (REIV) released figures last week showing the median house price in Melbourne remained at $535k. 

CEO Enzo Raimondo blamed “broad economic factors” of slow population growth and low consumer confidence as contributing factors. 

“Both buyers and sellers are approaching the market in a conservative manner. This is translating into a lower number of sales than is present in a strong market and as a result, no real price growth has been recorded. 

“The real estate market moves in cycles and, after the initial price falls in 2011, it is now in a period of stability marked by low activity,” he said. 

Raimondo believes the market will remain like this for some time. 

Meanwhile, private sales in Melbourne had increased by 2.1%, while those sold at auction decreased by 2%.  

The suburbs of Balwyn and Malvern East also saw increased value and demand.

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