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 –
Mar quarter 2008*
|
Melbourne
|
Mar quarter median
|
% change
Dec 07 – Mar 08
|
% change
Mar 07 – Mar 08
|
|
House
Price
|
$432,500
|
-8.4
|
+13.7
|
|
House
Rent (3 b/r)
|
$280.00
|
+3.7
|
+12.0
|
|
Unit
Price
|
$370,000
|
-3.9
|
+14.9
|
|
Unit
Rent (2 b/r)
|
$295.00
|
+5.4
|
+13.5
|
|
Vacancy rate
|
1.6
|
0.0
|
+0.4
|
*
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:
A sharp rise in median prices in the December quarter has been followed by a
sharp decline in the March quarter which perhaps indicates that
the December quarter figures were a bit of an aberration. Market
prices now
sit at around the same level as September 2007 quarter figures.
This volatility combined with relatively high levels of building
approvals in recent years which suggest there is significant
supply still in the pipeline, are enough to support the "wait
and see" view we have held for some time now. The
next quarter figures may provide a clearer picture of this
market.
Detailed
Market Information:
For more detailed property market information
click here,
or contact Quartile toll free on 1300 650 650.
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