Market update

Market update

Market update

The Melbourne property market is currently thriving with a 74 per cent auction clearance rate over last fortnight. Consistent buyer demand is fuelling strong sale prices across all market sectors and this includes our local inner-west suburbs.

According to the REIV, the median Kensington house price is currently $1.14 million, while the median price for a unit is $532,000. Rental yields are currently 4.2 per cent compared to 2.8 per cent in Melbourne.

Flemington has seen promising house price growth of 16.5 per cent and has a median house price of $1.17 million. Median rent is also higher than metro Melbourne at $500 (compared to $420).
Units have experienced a massive quarterly price surge of 22 per cent compared to 4.3 per cent in metro Melbourne. Median unit rent is higher than metro Melbourne at $320 (compared to $305) while rental yields outperform Melbourne at 3.6 per cent (compared to 2.8 per cent).

In Aberfeldie, a suburb dominated by families, houses achieved a median sale price of $1.34 million, while units fetched a median sale price of $741,000 and experienced an annual price increase of 29.3 per cent.

Essendon with its professional population, saw a quarterly drop in the median house price of 4.1 per cent to $1.41 million. Meanwhile, units outperformed houses with a quarterly price upswing of 23.4 per cent to a median price of $551,000.

Moonee Ponds
In the major retail and commercial suburb of Moonee Ponds, quarterly house prices fell by 8.4 per cent to $1.32 million.
Unit prices dropped significantly over the quarter by 35.6 per cent, with the median sale price at a low $412,000. However, with strong rental yields of 4 per cent, Moonee Ponds is a promising investment choice where buyers can still buy a two-bedroom unit around the $500,000 mark.

In Maribyrnong, house prices jumped over the quarter by 17.9 per cent to $1.16 million.

Meanwhile, units experienced a quarterly price drop by 3.4 per cent to $490,000. Rental yields were at 3.8 per cent compared to 2.8 per cent in metro Melbourne. With a number of residential development sites, Maribyrnong is an area predicted to grow in both population and demand.
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