Median house values in Melbourne’s outer suburbs rose, while the capital city’s inner suburbs took the biggest house price falls over the past year, according to Domain’s House Price Report for the June 2019 quarter.
Home values in Warburton rose 16% in the June quarter. Values in Whittlesea and Gisborne climbed 11.7% and 10.2%, respectively, the report showed.
Median home values in Bacchus March climbed 9.6%, Cairnlea 9%, Cowes 8.4%, Wollert, 7.7%, and Darley 6.3%, according to the data.
Home values in Williams Landing and Bittern also rose 6.2% and 5.2%, respectively, the data showed.
The capital city’s inner suburbs experienced the biggest drop in house values over the past year, according to the report.
House prices in St Kilda fell 32.1% to a median of $758,000, while prices in the exclusive suburb of Toorak dropped 31.7% to a median of $2,812,500, the data showed.
The suburb of South Yarra saw price declines of 31.4% to $1,262,500, according to the report.
“The higher-priced suburbs tend to be more volatile – they rose the most in the boom and have also dropped the most as prices cooled. Cheaper houses have tended to sell in these more expensive suburbs, which can affect the overall median,” Domain economist Trent Wiltshire.
Prices in Hawthorn dropped 27.3%, Hughesdale 26.5%, Carlton 26.1%, Box Hill South 25.1%, and Box Hill 21.4%, the data showed.
Prices in St Kilda East and Hawthorn East fell 21.1% and 20.7%, respectively, according to the report.
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