The 2016 spring property market is delivering everything home sellers desire: solid price growth, high clearance rates and strong buyer demand.
September quarter median house figures published by the REIV also indicate a positive and growing market. Melbourne’s median house price increased 3.25% since June to settle at $740,000. The inner and middle suburbs were the main growth drivers in the September quarter with house prices in these areas up 4.2% and 3.5% respectively.
Outer suburbs were not without positive results, however. Langwarrin, for example, recorded the city’s largest price growth with the median house price increasing 20% over the September quarter to $561,000. Many outer suburbs like Langwarrin remain attractive to home buyers and investors because of their value and space. Better affordability in Melbourne’s outer neighborhoods is also an appealing factor for many first home buyers just breaking into the market.
Meanwhile, apartment prices across the city also increased in the September quarter with the overall median up 2.1% to $545,500. These figures are stronger than expected by many market experts, including the REIV.
The auction clearance rate across Melbourne is up around 80% with numerous properties still attracting multiple groups of bidders all competing for the purchase. Whilst demand remains high there are still fewer houses and apartments on the market than in previous years.