The release of the median house prices by the REIV shows the Melbourne median house price at $785,000, down slightly from the March quarter.
Although the median house price for the June quarter is down, there is growing confidence in the market place since the election. After bottoming out in May, the property market has turned around. Housing prices had stabilised in June and started improving in July. After two years of declines, some stability looks ahead for the housing market, barring any international event that may negatively impact the Australian economy or financial system.
There is strong evidence that consumers now believe the housing market has turned around as many of them are now frantically trying to buy at or near the bottom.
We are experiencing an unprecedented level of buyer inquiries and selling many properties well above our seller’s expectations. If you are considering selling, don’t wait; take advantage of the current buyer frenzy because these market conditions are not going to last for long.