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Mid-Year Market Wrap

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June quarter figures just released by the Real Estate Institute of Victoria (REIV) highlight positive results across Melbourne and regional Victoria’s residential property market.

The median price of a house in Melbourne has increased by 2.4% to $562,000 from a revised $549,000 in the March quarter. The greatest increases over the April – June months were recorded in Hawthorn East, Glen Iris, Malvern East and Kew.

There was also a healthy demand for properties in suburbs such as Keysborough, South Morang, Craigieburn and West Footscray where homes are around Melbourne’s median price point. This is likely to be a result of a last minute rush to take advantage of the $7,000 first home owner’s grant which finished on June 30 this year.

The median price of a Melbourne unit or apartment also recorded a rise over the June quarter. The 2.8% increase now puts the median at $464,500. Overall, median rents across metropolitan areas remained largely unchanged.

The figures in regional Victoria also reflect a stable market. In Ballarat there was a 0.9% increase in the median to $287,500, no change to the Bendigo median of $310,000 and no change to the $385,000 median recorded in the March quarter in Bendigo.

REIV Ceo Enzo Raimondo recently remarked that he believes conditions for both buyers and sellers are solid coming into the spring selling season. He is confident, like most agents, that there are now a greater number of active buyers looking for homes which is driving moderate and sustainable price growth across the city. Interest rates also remain low whilst clearance rates are higher.

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