The REIV figures released for the June Quarter confirm the housing market is in a correction phase, with the median house price for Melbourne dropping by 0.6% down to $840,000.
The drop in prices over the last three months was greatest for the inner and middle suburbs, where the overall median house price fell by 4.9% for inner and 5.4% for middle Melbourne.
Contributing to the lower prices, according to the REIV, was a fall of 0.8% in the median prices of properties sold at auction compared to an increase of 2.3% in prices achieved by private sales.
REIV’s latest figures also show the unit and apartment median price for Melbourne was up by 0.5% to $640,000.
The overall number of sales in many areas of Manningham was down, making the reporting of median prices for our area even less meaningful. The article on “Defining Median Price” explains what the median prices actually do tell us and how to make some sense of them.