Victoria’s housing market are showing signs of stabilisation in the quarter after the lull that started last year. Some market, however, continued to perform quite strongly.
Real Estate Institute of Victoria president Andrew Meehan said the while there’s still uncertainty around the future impact of interest rate rises in the market, there is positive activity.
“Despite pressures from the interest rate increases, the market remains robust, particularly in outer ring suburbs, strong demand for housing is likely to continue throughout the rest of the year,” he said.
Overall, median price dropped in both houses and units in Metropolitan Melbourne during the quarter, down 1% to $955,500 for houses and 1.8% to $611,000, respectively.
Across regional markets, house prices declined slightly to $602,000 while units increased 3.7% to $425,000.
Over the first quarter of the year, some markets, particularly in the regional areas, remained within reach of house hunters pricewise, despite experiencing stellar price growth year-on-year.
Here are some of the standout markets over the quarter:
- Morwell reported the biggest annual gain in regional suburbs, with prices up 21.5% to $371,250.
- West Wodonga reported a 21.1% growth in median price to $539,000.
- Barwon Heads, one of the more premium regional markets, posted a 15% gain to $1.96m.
Meanwhile, here are the best places in Victoria and Melbourne where potential homebuyers can snatch an affordable home:
- Stawell is perfect for tree-changers with budgets of below $400,000 — over the year, houses in this market went up by 18.8% to $380,000.
- Churchill’s median price is also perfect for those looking for a tree change. Its median price grew 12.3% to $378,500.
- For homebuyers looking closer to the city, Wyndham Vale is the ideal place to be in. Over the quarter, prices in this market dropped 4.7% to $552,500. Compared to last year, however, the current price in Wyndham Vale is 9% higher.
- Tarneit is an outer-city suburb with a 3.4% annual growth that brought its median price to $650,000.
- Another outer-city suburb is Pakenham, which registered a 4% growth in median price to $645,500.
The following suburbs, on the other hand, are the standout ones from the more premium segment of the market in Melbourne:
- Brighton is in middle Melbourne, dominating the most expensive markets in the quarter. Over the quarter, its median house price grew to $3.95m while its median unit price increased to $.1.4m.
- Templestowe, which is located north-east of Melbourne’s CBD, recorded a 23.2% increase in median house price to $1.81m.
- The culture-rich Glen Waverley posted a 22% increase in apartment prices to $1.22m.
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Photo by 12019 from Pixabay.
