Melbourne’s median house price increased 5.6% to $375,000 in the December quarter with the unit/apartment median also up 2.3% to $307,000 in the quarter. The median house price rose 1.4% and the unit/apartment price 2.3% compared to the same quarter last year.
Mr Raimondo said “the results confirm earlier REIV forecast of moderate growth for 2005 and a soft price landing.
Whilst the median price growth has been relatively flat over the past two years, there is an increasingly segmented market with most traditionally strong inner-eastern and bayside suburbs remaining in strong demand with price growth of around 10-15%.”
“The residential property market fundamentals for Victoria remain strong, with interest rates still at low levels, stable price growth and strong underlying demand, even in the inner-city apartment market.
If interest rates remain low and the current market conditions are maintained, we anticipate residential property price growth figures to improve in 2006,” he said.
Melbourne’s most expensive suburbs (in order) are Toorak, Brighton, Canterbury, South Yarra, Kew, Caulfield North, Malvern, Balwyn, Hawthorn East and Camberwell.
Melbourne’s most affordable suburbs (in order) are Melton, St Albans, Cranbourne, Hampton Park, Werribee, Meadow Heights, Rosebud, Frankston, Dandenong North, and Hoppers Crossing.
Bendigo's median house price fell 4.3% over the quarter to $210,000, Geelong’s median house price rose in line with the Melbourne median price up 5.1% over the quarter to $268,000 and Ballarat’s median house price rose slightly by 0.9% to $215,000.
