Despite the strictest lockdowns in the country for six months and facing so many challenges, the Melbourne property market has survived and continues to do well. Property values have defied the gloomy predictions of a price collapse. The Melbourne housing market has shown remarkable resilience with the median house price for September dropping only 1.7% for the quarter, from $861,000 down to $846,000. Considering the most draconian level of restrictions placed on Melbourne, prices have remained relatively stable.
The latest quarterly median house prices released by the REIV show that although the Melbourne median house price fell slightly for the September quarter, is in fact up 7.4% from this time last year.
The property market is in better shape than many people expected.
Prices in the Manningham area have remained strong with some postcodes, Doncaster, Doncaster East and Donvale registering an increase in median house price for the quarter. All postcodes but Warrandyte are up in price from this time last year.
| Median House Prices in Manningham | September 2020 Median Price | June 2020 Median Price | Quarterly Change | Annual Change |
| Bulleen* | $1,172,500 | $1,194,250# | -1.8% | +12.8% |
| Doncaster* | $1,310,000 | $1,225,500# | +6.9% | +8.7% |
| Doncaster East* | $1,265,000 | $1,235,400# | +2.4% | +5.8% |
| Donvale* | $1,370,000 | $1,210,000# | +13.2% | +2.7% |
| Park Orchards* | $1,540,000 | – | – | +24.8% |
| Templestowe | $1,355,000 | $1,438,500# | -5.8% | +9.6% |
| Templestowe Lower* | $1,086,000 | $1,100,000# | -1.3% | +16.1% |
| Warrandyte* | $1,111,000 | $1,156,000 | -3.9% | -7.6% |
| Melbourne | $846,000 | $861,000 | -1.7% | +7.4% |
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.
Photo by Isaac Smith on Unsplash
