Latest numbers confirm market rebound
If you’ve been trying to buy a property in the City of Hume lately, you probably won’t need much convincing on how strong the rebound has been in the Melbourne property market over the past year or so.
However, the latest property price data from Domain has certainly made the strength of the property market very clear. In fact, the rebound in the property market last year was so strong that Melbourne’s median house price has returned to almost exactly the same heights that we saw at the peak of the market at the end of 2017.
The release this week of the Domain House Price Report for the December quarter of last year showed that the median house price in Melbourne rose by 5% during the last quarter of 2019, reaching just under $902,000. This capped off a year where prices rose by 8.7% from the end of 2018, falling just short of the all-time Melbourne record of $908,734 which was set in the December quarter of 2017.
Not surprisingly, the strength of the rebound has caught many market analysts by surprise, particularly when you consider that the bottom of last year’s dip occurred as recently as the March quarter, when our median house price was below $810,000.
What is important to remember is that whilst this data shows what has been happening in the overall Melbourne market, the price movements have varied quite substantially between different areas of Melbourne. For example, the Domain report suggests that prices in Melbourne’s inner region are now more than 19% higher than they were a year ago.
Whilst other areas of Melbourne recorded much lower year-on-year growth rates, it was interesting to see that the markets in the North East and the North West were among the top three in Melbourne for quarterly growth.
The variations between different parts of Melbourne are a timely reminder of the importance of getting experienced, objective advice before you make any final decisions on if, and when, to buy or sell.
If you would like some up-to-date information on what’s happening in the local property market, and what your property could achieve in the current market conditions, you can give one of the team at Barry Plant Gladstone Park a call on 9330 1088.
Regards,
Nick Pugliese – Director
Barry Plant Real Estate
Gladstone Park