Melbourne
Market Data >>
Melbourne,
on the banks of the Yarra River in Victoria, is home to 3.2
million people from diverse backgrounds. The city itself is laid
out in a symmetrical, rectangular grid, with wide streets and an
abundance of parks and gardens.
Market Update – March quarter 2009*
|
Melbourne |
Mar quarter median
|
% change
Dec 08 – Mar 09 |
% change
Mar 08 – Mar 09 |
|
House Price |
$410,000 |
-3.1 |
-4.7 |
|
House Rent (3 b/r) |
$310 pw |
+3.3 |
+10.7 |
|
Unit Price |
$360,000 |
-0.8 |
-2.7 |
|
Unit Rent (2 b/r) |
$320 pw |
+3.2 |
+8.5 |
|
Vacancy rate |
1.4 |
+0.2 |
+0.5 |
*
This is the
most up to date available - property data is released 3 months
after the end of each quarter.
Source: Real Estate Institute of Australia
Comment:
Quarterly price movements in Melbourne have been quite volatile
over the past 18 months however it is evident the upward trend
has come to an end, for the short term at least. The
consistently high level of building approvals over recent years
has translated into what appears to be considerable supply
poised to enter the market over the period ahead. We expect
Melbourne prices to pause for a while until the supply / demand
fundamentals catch up.
Detailed
Market Information:
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Adelaide
| Brisbane | Canberra
| Cairns
| Gold Coast | Melbourne | Perth
| Sydney
