Releasing the latest property prices for every Melbourne suburb, White said the spring housing market is delivering everything home sellers need to ensure lucrative deals: solid price growth, high clearance rates, and strong buyer demand.
In the September quarter, Melbourne’s median house price increased 3.2% to $740,000. Furthermore, Melbourne’s median apartment unit price increased 2.1% during the same quarter to $545,500.
“The median price increase is taking place in tandem with a spring clearance rate of close to 80 per cent, the highest in seven years,” White said. “Everything is aligned for sellers, who are benefitting from strong buyer confidence and record low interest rates.”
The main growth drivers during the September quarter were Melbourne’s inner and middle suburbs, with house prices in these regions up 4.2% and 3.5% respectively. In contrast, after two successive quarters of strong price growth, Melbourne’s outer suburbs recorded a more moderate growth of 1.1%.
Langwarrin experienced the highest price increase, with median house price increasing 20% over the quarter to $561,000.
While listings have not reached the peaks of 2015, the current median price and excellent clearance rates indicate that the market has never been more robust.
“The market shows no signs of slowing down. The September quarter was stronger than expected and the market is only expected to improve with more than 4,000 auctions forecast for October.”