We saw the REIV releasing their latest quarterly price data, (hot on the heels of several other property market analysts), and while the numbers themselves vary slightly depending on the source, the overall trend is clear.

The REIV reported that Melbourne’s median house price reached $658,000 in the June quarter of this year, which is not only a new record but it indicates a 16.7% growth in the market over the past year. The figures also show a 3.3% increase during the quarter itself. The numbers for units and apartments also showed a similar trend, with an annual increase of 9.1%.

The demand from buyers that has been pushing these prices was also evident in today’s auction results, with the Barry Plant group achieving a very strong auction success rate of 83% across 29 auctions today. In fact, that rate will probably go higher as several of the passed in auctions were still in negotiations this evening and look likely to be sold shortly.

As I said earlier, when you put all these statistics together there is no doubt that sellers are enjoying the best of the current market conditions. So if I can be of any assistance in helping you to make the most of the current opportunities, feel free to give me a call.

Enjoy the rest of your weekend.