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Median House Price Update

PPG_Blog_Jan_image 9_median house price update

The Real Estate Institute of Victoria has just released their median house figures for the final quarter of 2012. The data confirms both a growing demand for property as well as an increase in housing prices across Melbourne and our regional centres.

The median house price in Melbourne increased by 7.8% from $515,000 in the September quarter to $555,000 in the final quarter. The median price for units and apartments increased by 4.2% to $456,000 from $437,500 (revised).

House prices in regional Victoria remained stable with a median of $305,000. However key centres continued their steady performance with the median in Geelong increasing by 8.1% to $395,000; by 4.7% to $310,000 in Bendigo and by 1.8% in Ballarat to $290,000.

REIV CEO Enzo Raimondo said he believed that “strengthening demand has resulted from a combination of improved Victorian consumer confidence, four interest rate cuts and the seasonal increase in activity in the December quarter. Underpinning this increase has been an estimated 16% increase in sales transactions in Melbourne compared to the December quarter in 2011.”

Whilst overall transaction numbers remain low in historical terms we should see further improvement in activity and an increase in sale values throughout 2013. Of course, fluctuations are possible and any unexpected overseas turmoil can also impact our market. It’s an encouraging start to the year though, and welcome news for most property owners.

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