One billion dollars a week was spent on Melbourne property in 2014

In 2014 a total of $53.7b, over one billion dollars a week, was spent on Melbourne residential real estate.

 Key points:

  • Over one billion dollars a week was spent of residential real estate last year
  • Brighton recorded the highest spend, $842m
  • Glen Waverley recorded a $233m rise
  • In 2014 a total of $53.7b, over one billion dollars a week, was spent on Melbourne residential real estate.

This is an increase from the $52.9b in 2013 and $43.8b in 2012, reflecting the overall growth in the market over the last few years.

It is worth noting that last year was still slightly below the all time record of $54b in 2010.

The citywide changes are also reflected at a suburban level.

Whilst the top 10 Melbourne suburbs ranked by the total spent on residential real estate did not show a lot of change between 2013 and 2014, the amount spent did.

Highest spend by suburb 2014

Top of the list was Brighton.

Last year an average of $2.3m was spent every day  in Brighton property purchases and $378,213 more every day than the previous year.

This pushed the entire value of sales from $700m to $841m.

Brighton may have a higher value of sales than any other suburb, however the increase was dwarfed by the rises recorded in MelbourneGlen WaverleyKew and Toorak.

In 2013 for instance, $1.49m was spent on units in the suburb of Melbourne and this rose by half a million dollars a day to $2.05m.

This rise is partly due to the increased prices being paid and partly the increased construction.

Glen Waverley recorded the most significant difference..

Over the course of the year $233m more was spent on houses which in turn pushed the median house price up from $807,000 to $970,000.

Neighbouring Mount Waverley also saw a significant rise of $311,747 on a daily basis.



Want more of this type of information?


Robert Larocca

About

Robert Larocca is RP Data's Victoria Housing Market Specialist. He has built a profile over the past eight years as an expert on the Victorian residential property market. Visit www.rpdata.com


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