update on property prices

Update on property prices

As we all know, the arrival of the coronavirus in Australia, and particularly the restrictions associated with Victoria’s attempts to control the spread of the virus, have had a major impact on activity levels in the property market in 2020.

With that in mind, now that buyers are allowed to physically inspect properties for sale in Melbourne again, it was interesting to see the latest quarterly property price data from the REIV which provided some timely perspectives on the overall performance of the market during the toughest restrictions.

Not surprisingly, given that restrictions were not as tight in regional Victoria, the news was most positive in this part of the State. The REIV has reported that the median house price in regional Victoria grew by a remarkable 5.1 per cent in the September quarter, and by 4.9 per cent over the past year. Units in regional Victoria fell slightly in the same quarter (3.1 per cent) but are up by an impressive 8 per cent over the past twelve months.

In metropolitan Melbourne, where the restrictions had the greatest impact, the resilience of the market has continued to surprise many observers. The median house price here fell by just 1.7 per cent during the September quarter, and was still 7.4 per cent higher than it was one year ago. For units, the median price rose by 0.2 per cent during the quarter, recording an annual rise of 5.4 per cent in the process.

There has been quite a bit of talk recently about the growing interest in regional markets from buyers who currently live in Melbourne, so it was interesting to see that this perception was confirmed by the volume of property transactions. While the number of property sales in the metropolitan fell by 31 per cent from the June to September quarters, the volume of sales in regional Victoria rose 15 per cent over the same period.

Of course, the most important statistic of all if you are planning on selling this Spring is how much more you can achieve for your property with the right advice and the right strategy in place. If you’d like to have an experienced Advocate by your side throughout the entire process, why not give us a call at Ian Reid today on 9430 0000 to discuss your options?

You’ll also find lots of helpful suggestions for property sellers in our free booklet, “Fatal Real Estate Traps Exposed”.