Chat with us, powered by LiveChatBarry Plant Market Update

Barry Plant Market Update

Melbourne’s record median house prices last quarter were an encouraging sign of a return to more consistent prices across all sectors. According to recently released data from REIV, Melbourne saw growth of 3.9 per cent for houses in the March quarter.

Over the year, the city has seen house values rise by 13.7 per cent. Median prices hit a high of $652,500 for houses and $499,000 for units. Regional Victoria saw growth of 1.3 per cent for houses in the March quarter.

The annual growth for Regional Victoria saw house values rise by 2.4 per cent. Median prices reached $322,000 for houses and $262,500 for units. In the March quarter Barry Plant properties online received over 11 million visits.

The Barry Plant Group sold 2,247 properties and leased more than 4,373 properties. Barry Plant recorded an increase of 12.5% in overall sales value for the March quarter in 2014, compared to March quarter 2013, with the overall total sales value reaching $1.074 billion. Last week the Reserve Bank decided to again leave official interest rates on hold at its regular monthly meeting. Rates have now been steady since the decision by the Bank in August last year to cut rates to a 60 year low of 2.5 percent.

The national economy continues to provide positive signs of gradual overall improvement although outcomes remains mixed between regions and sectors. Although official rates remain on hold, mortgage costs continue to fall as competition amongst banks for market share intensifies in a generally positive environment for home buyer activity in most housing markets. On mother's day weekend (10-11 May 2014) the REIV recorded 556 auctions with an overall auction clearance rate of 70%. The Barry Plant Group reported an overall auction clearance rate of 72%. This coming weekend, Saturday 17 May, Barry Plant has around 83 properties scheduled for auction.