This article is from the Australian Property Journal archive
OVER the September quarter, unit and apartment median prices in Melbourne’s outer suburbs saw a third consecutive increase, amidst an otherwise stable market.
According to the latest data from REIV, units and apartments in outer Melbourne saw a media price increase of 0.3% to $603,000, for a 1.7% annual increase.
Over the last five years, outer Melbourne’s unit and apartment market have recorded an increase of 18.8%, outpacing the house price increase of 18.5% to $770,000.
Otherwise, Melbourne had a largely stable quarter, with houses prices up 0.1% to $916,000 and units up 0.2% to $628,000.
While regional Victoria a 0.1% median house price increase to $601,500 and unit prices grew by 0.2% to $418,000. With an annual decrease of 0.8% in regional Victoria.
Kew led house price growth over the quarter, with a 8.5% increase to $2.81 million, followed by Burwood with a 8.4% increase to $1.45 million.
Eight out of the top 20 suburbs were located in outer Melbourne, led by with Keysborough where house prices rose by 6.8% to $1.015 million.
Outer Melbourne also saw unit and apartment sales double (102.4%) over the last five years, with house sales also increasing by 98.6%.
“The growth in median apartment and unit prices for outer Melbourne coupled with extremely strong sales volumes highlights the opportunities that exist in the area for homeowners and investors,” said Kelly Ryan, CEO at REIV.
“Access to schools, transport, amenities and other lifestyle convenience factors are helping to ensure the long-term trend of outer Melbourne looks positive for the future.”
In regional Victoria, Soldiers Hill saw the strongest growth in median house prices, up 13.3% to $627,500.
“Regional Victoria saw an increase of 46.3 per cent for houses and 42.6 per cent for units and apartments over five years,” added Ryan.
“These are strong metrics which show regional Victoria continues to attract buyers with good lifestyle appeal and affordable buying options.”
