Melbourne’s property market is still performing exceptionally well. Auction clearance rates are high and median prices are continuing to climb.
The REIV’s latest median house price for Melbourne sits at $822,000, which is 2.9% higher than the previous quarter and 10.3% higher than a year ago. Melbourne’s apartment median also increased by 4.3% in the June quarter and now sits at $606,500. The city’s overall auction clearance rate is up around 76%.
In the Rendina neighbourhoods, houses and unit prices are also on the up and up. Over the past 12 months Moonee Ponds and Kensington, for example, have experienced median price increase of more 20%. Flemington is not far behind with a 16.5% rise over the past year.
The cooler weather means fewer homes are offered for sale than in the bumper spring selling season, but this is the expected trend over winter. The properties we have sold though, highlight an ongoing depth of buyer demand.
Some recent notable results for our vendors and buyers include 12 Ellenvale Avenue, Pascoe Vale South and 33 Fenton Street, Ascot Vale (among others). Both of these family homes combine stunning period features with modern additions – a combination that is always highly sought by prospective buyers. 12 Ellenvale Avenue ended up selling for $1.33 million while 33 Fenton Street sold for an impressive $1.75 million.
Melbourne’s unprecedented population growth, coupled with record low interest rates remain two key factors in supporting consistent price growth and sustained buyer demand. And with little change in conditions forecast, the second half of the year is expected to deliver more of the same encouraging results.
The final month of winter is the perfect the time to prepare your property for a spring sale. If you are thinking of selling, we’d love to hear from you and to tailor an individual plan of action that maximises the sales result on your property. It is undoubtedly a sellers’ market.