March Quarter 2020
This might sound a little surprising but the March quarter median house prices for Melbourne reached new heights. This is because before the outbreak of COVID-19 and the imposed restrictions the market was experiencing record-breaking growth.
The real estate market, like most industries, experienced a significant slow-down in activity from March onwards. The Australian economy started slowing down from early March. This seems set to remain sluggish at least until the government imposed restrictions are lifted.
The Melbourne median house price for the March quarter hit a new high of $893,000, an increase of 3.7% in the quarter. This was a sign of how strong the property market was before the coronavirus crisis.
The effect on median prices from the slowdown in the economy will be reflected over the next few months in the June quarter’s figures.
|Median House Prices in Manningham||March 2020 Median Price||December 2019 Median Price||Quarterly Change||Annual Change|
Median House Price 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.