Feed on

Autumn market update

Carlton Gardens, Melbourne, Australia

Following the Reserve Bank meeting this month, the cash rate was left unchanged at 1.5 per cent. The chance of a rate cut to 1.25 per cent was at 9.0 per cent according to the ASX RBA Rate indicator, however the rates were left on hold.

Auctions have continued strongly in the March 2017 quarter with 4,416 auctions held in March. The local government areas of Glen Eira (275 auctions), Boroondara (270 auctions), Stonnington (246 auctions) and Monash (228 auctions) had the highest number of auctions in March 2017, with all reporting a clearance rate of over 75 per cent.

Victoria’s vacancy rate was 2.3 per cent in March 2017. The weekly median rent for houses in metropolitan Melbourne fell by nine dollars to $426 in March although rents rose to $600 per week in inner Melbourne. In regional Victoria, the weekly median rent for houses rose ten dollars to $310 per week in March. The weekly median rent for units remained stable at $410 per week in metropolitan Melbourne while the median rent for units in regional Victoria rose by five dollars to $255 per week.

The REIV House Price Index (HPI) for Melbourne rose 1.7 per cent over March to 196.2, and the index is currently 6.6 per cent higher than its value a year ago. The HPI for regional Victoria is 2.0 per cent higher than its value a year ago, now at 142.2.

There were an estimated 11,470 house and unit sales transacted in Victoria in March 2017, and about 129,410 sales in the past 12 months. Based on these estimates, the share of auctions sold as a percentage of overall sales was 23.7 per cent in the past 12 months.

Information courtesy of the REIV

Share and Enjoy:
  • Print
  • Digg
  • StumbleUpon
  • del.icio.us
  • Facebook
  • Yahoo! Buzz
  • Twitter
  • Google Bookmarks

Leave a Reply