Melbourne unit prices continue to rise debunking recent nonsense heralding the spectre of a local market apartment glut.
Latest My Housing Market data reveals the median price for published Melbourne unit auctions surged by 8.5% over the March qtr compared to the same period last year.
Melbourne recorded a median unit auction price of $635,000 over the first 3 months of this year compared to a median of $585,000 over the March qtr a year ago.
In another reflection of relative market strength, March qtr published auctions clearance rates for Melbourne units have only marginally weakened over the past year, down from 73.0% to 71.4%.
The Melbourne unit market has clearly outperformed the house market with the March qtr median published auction price recorded for houses falling over the year by 6.0% to $885,000.
The house clearance rate was down sharply over the year, falling from 81.7% to 66.3%.
Melbourne’s north east and west regions recorded the top auction price growth for units over the past year up by 27.7% to $600,000 and 23.2% to $517,500 respectively over the March qtr.
These strong unit results follow the latest ABS data that reported Melbourne unit price growth of 4.2% over 2017.
Subscribe & don’t miss a single episode of michael yardney’s podcast
Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.
Need help listening to michael yardney’s podcast from your phone or tablet?
We have created easy to follow instructions for you whether you're on iPhone / iPad or an Android device.
Prefer to subscribe via email?
Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.