According to the latest edition of the Real Estate Institute of Australia’s ‘Real Estate Market Facts report’, the Melbourne property market grew faster during the March quarter than any other capital city in Australia.
National property prices still growing
The REIA’s figures show that the average median price in Australia’s capital cities rose 2.9 per cent for houses in the March quarter, whilst other dwellings rose by 2.5 per cent. This took the weighted average median price for a house in the eight capital cities to just under $763,900.
In releasing the report, the President of the REIA, Malcolm Gunning pointed out that the growth in median prices was largely being driven by increases in Melbourne and Sydney whilst Darwin was also showing growth.
Melbourne property market the strongest
Mr Gunning said, “Over the quarter, Melbourne had the largest increase in both the median price for houses, 7.6 per cent and for other dwellings, 3.8 per cent.” In contrast, the median house prices in Brisbane, Adelaide, Perth, Canberra and Hobart all decreased.
Good news for property investors too
The report also indicated that median rents had increased most cities as well. During the March quarter, median rents for 3-bedroom houses increased in Melbourne, Sydney, Brisbane, Adelaide, Hobart and Canberra. Hobart had the largest increase at 5.7 per cent whilst Perth and Darwin experienced slight falls. Interestingly, Hobart also recorded the largest increase in median rents for a 2-bedroom unit, at 7.5 per cent. Melbourne, Sydney, Hobart and Canberra all recorded rental vacancy rates below 2.5 per cent.
Advice on the Melbourne property market
If you are weighing up whether now id the right time to reap the benefits of this recent growth in property values, the team at Ian Reid’s Vendor Advocacy are always happy to provide you with experienced and independent advice. You can call us at any time on 1300 400 400. In the meantime, you’ll find lots of helpful tips in our FREE booklet, “Fatal Real Estate Traps Exposed”, which you can download from this website at any time. In fact, why not download a copy while you’re here?