The REIV’s median price data for the March quarter of 2022 showed that on a broad scale, house prices across Melbourne basically levelled out in the first three months of this year. The REIV data shows a very slight drop of 0.3 per cent in the median house price, but this is in a quarter that the past 30 years have shown as a time when prices tend to drop a little on average anyway.

The annual figures, (which are more important as they show longer term trends rather than short-term blips), show Melbourne’s median house price rising by 18.0 per cent in the past year, whilst unit prices rose by 6.2 per cent.

Of course, these figures are for the entire Melbourne metropolitan area, so we took a look at what’s happened in our closest suburbs over the past twelve months. They show the following annual changes to house prices at the end of March 2022:

Aberfeldie up by 16.6%

Airport West up by 17.4%

Ascot Vale up by 8.3%

Avondale Heights up by 15.3%

Essendon up by 17.5%

Flemington up by 19.3%

Keilor East up by 21.8%

Kensington up by 13.7%

Maribyrnong up by 3.6%

Moonee Ponds up by 17.9%

Niddrie up by 9.8%

Strathmore up by 18.2%

Overall, houses in the City of Moonee Valley recorded a growth in median prices of 12.1% over the year, whilst unit prices grew by 2.9%.

The important thing to keep in mind is that figures like these can indicate what is happening in your suburb, but each property is different. So if you’d like an obligation-free update on what your own property could achieve ion the current market, you can give our team at Barry Plant Moonee Valley a call this week on 9373 0000.

Regards,

Bill Karp

Director – Barry Plant Real Estate

Essendon, Keilor East & Gladstone Park