Melbourne property defies trend

20 July 2016 by News Desk   |   SHARE  

Melbourne property prices have increased across the city and at both the high and low ends of the market.

Melbourne property prices have grown by 3.6 per cent in the three months to June and the average cost of a house in the city is now $725,000.

It is a record high for house prices in the city and the biggest growth in values since September 2015.

While house price inflation has slowed in many capital cities Melbourne property continues to see growth.

House prices have risen in Roxburgh Park, Toorak and Wyndham Vale while areas such as Richmond, Camberwell and Prahran have seen double digit growth.

Prices have also increased in the more affordable suburbs of Sunbury, Sunshine West, St Albans and Hillside in Melbourne’s North West.

The latest report from the Real Estate Institute of Australia highlights market conditions across Australia and shows that prices in most major cities slowed in the first months of this year.

Melbourne property prices on the rise

But while home prices are cooling elsewhere, Melbourne property prices continue to rise.

“A year ago Melbourne property prices were increasing at around five per cent every three months,” says Darrell Todd, founder of thinkingaustralia.

“Now house price inflation is just over three and half per cent, which indicates a mild cooling of the market but growth remains strong compared to other capital cities”.

Data from the Real Estate Institute of Australia shows there were fewer properties put up for sale in the June quarter.

The number of homes on the market in Melbourne has fallen by around 300 per week compared to the same time last year.

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