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PPG_Blog_May_image 1_market update

Not surprisingly, the Melbourne property market took a breather over the prolonged Easter and Anzac Day public holiday period. Over the Anzac Day long weekend, even though there were fewer auctions than previous weekends, the local clearance rate took a small hit, coming back to around 65%. This figure rebounded to 69% over the first weekend in May, which matched the auction clearance rate of the same weekend in 2013.

Both private sales and auctions are providing solid results. According to the Real Estate Institute of Victoria (REIV) the median price of all houses sold on the weekend of May 3 and 4 was $700,000. For apartment sales, the median figure was $490,000.

This weekly median can fluctuate greatly depending on the number and type of houses sold on any weekend. Melbourne’s median house price for the March quarter was $652,500 – a new peak for Melbourne. Generally speaking, median prices in Melbourne are up about 12% year on year – substantial growth in a 12-month period.

Positive news for both sellers and buyers came in the form of “no change” to the current interest rate of 2.5% as set by the Reserve Bank of Australia. This is the eighth month in a row interest rates have remained stable since they dropped to their current rate in August last year.

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