Which of Melbourne’s suburbs have seen dramatic median price drops of almost 40% over the past 12 months? In a follow up to our Melbourne’s booming suburbs story, Your Investment Property examines the latest data from Victoria to highlight the suburbs that have seriously struggled over the past year.
According to recently released Real Estate Institute of Victoria (REIV) data for the March 2012 quarter, houses in Ivanhoe have seriously fallen out of favour with buyers, recording a staggering -39.1% median price drop over the past year, and a 37.9% drop over the past quarter.
Houses in Malvern East (-34.3%), and Middle Park (-31.1%) also saw negative median price growth in the thirties, according to the REIV.
Houses: worst 10 performers for annual growth (scroll down to see the list)
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Source: REIV
*Less than 30 sales during the March quarter
In the unit market, Williamstown was the worst performer for median price growth in the 12 months to March, recording a drop of 32.4%. Beaumaris (-30.3%) and Flemington (-30%) saw similarly worrying results, according to REIV data.
Units: worst 10 performers for annual growth
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Source: REIV
*Less than 30 sales during the March quarter
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