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Family lying on floor by open boxes in new home smiling

Buyer demand from families seeking more space has led to consistently strong price growth in family homes across Melbourne in the past year.

"The REIV has finalised its list of Melbourne home prices for each suburb – by the number of bedrooms – for the year to the 30 September. And there’s been some interesting results," said REIV CEO Enzo Raimondo.

In inner Melbourne the median price of a four-bedroom home grew by 3.9 per cent to $1,455,000 in the year ending September 30, compared with the year ending June 30. In outer Melbourne, with more large homes, the growth was 5.6 per cent to $551,000.
And in middle Melbourne the median price of a four-bedroom house reached $827,500, up 4.1 per one cent, just slightly less than the 4.2 per cent growth in the price of a three-bedroom house in our middle suburbs.

The latest figures show that four-bedroom homes in Mount Waverley, with a median price of $970,000, topped the list for suburban capital growth with 8.7 per cent for the 12 months to September 30. Four-bedroom homes in Doncaster and Mount Martha also made it on to the list of top 10 growth suburbs.

It is interesting that the biggest median price change in the outer suburbs was for the smaller, two-bedroom homes – up seven per cent to $390,000. The increase in price for two-bedroom homes suggests that the growth in Melbourne’s property prices has led to strong competition for these more affordable smaller houses – with the homes providing a good way to enter the market. This is consistent with the increase in auctions, rather than private sales, in these outer suburbs.
This was also the case in regional Victoria, where substantial price growth in many commuter towns has resulted from families moving from Melbourne to find an affordable home.

The median price for a four-bedroom home in regional Victoria was up 7.3 per cent to $412,000 in the year to September 30, compared with the year to June 30. And the price for more affordable two-bedroom homes there rose by a remarkable 11.5 per cent to $254,250.

The bedroom median information is a valuable tool for house hunters – both those looking for their own home and investors – because as well as indicating price levels and movements in a suburb, they provide a more detailed snapshot.

You’ll find a range of information on home prices, including the bedroom medians providing a price breakdown for home sales in each suburb by their size on the REIV website.

Information supplied courtesy of the REIV.

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