Market update with Paul Kounnas, Director of Hudson Bond.
Melbourne’s median house price recorded a fall of 1.4% in the first quarter of 2019, taking the median price down to $793,000 according to REIV’s median house data.
Not all suburbs in Melbourne had a drop in price. Many areas in the outer ring of Melbourne continued to do well in the March quarter, as they had done so throughout 2018, recording increases.
In Manningham, Doncaster East was the only postcode that had a sufficient number of sales recorded for the quarter, which makes the data more accurate, showed a slight increase in house prices of 1.2%.
Manningham’s neighbouring suburbs of Balwyn North, Eltham and Greensborough did well in the March quarter recording increases in house prices of 4.2%, 7.3% and 6.0% respectively.
These are all positive signs that the property market may be bottoming out if it hasn’t already.
According to a recent report from a leading property data firm, CoreLogic, the worst of the nation’s housing downturn appears to be over as price falls in Melbourne ease.
The Melbourne unit and apartment median price for the March quarter was down 0.5% to $586,500, while most of regional Victoria recorded strong rises in median prices.
|Median House Prices in Manningham||March 2019 Median Price||December 2018 Median Price||Quarterly Change||Annual Change|
|Doncaster East||$1,115,000||$1,101,500 #||+1.2%||-12.1%|
|Templestowe Lower*||$1,028,000||$1,033,500 #||-0.5%||-14.2%|
Median House Prices Data sourced from REIV:
* Indicates a median price based on a small sample (less than 30 sales).
# Indicates a revised median price from what was reported last quarter.