Melbourne house prices soar 5 per cent in December quarter 2019

House Price

Property prices in Australia are almost back to peak levels according to Domain’s December 2109 House Price Report .

Melbourne’s house prices rose 5 per cent in the last three months of 2019 bringing Melbourne’s median house price to $901,951.

Now just a whisker below the record of $908,734, set in the December quarter of 2017, new peaks in Melbourne property prices should be reached soon.

In fact, the Melbourne property market recorded the strongest resurgence in prices on record.A4

The markets are fragmented

Following a period where Melbourne house prices slumped by 10.7 per cent, much of those losses have been recouped, in the last 8 months, fuelled by three interest rate cuts, banks loosening the screws on borrowing and increased buyer confidence.

However, the most significant gains were in the more established sought-after inner Melbourne suburbs.

And our experience at the Melbourne Metropole office is that the 2020 market has started with an unprecedented surge of investor and home buyer interest.

Median house prices, Melbourne

REGION MEDIAN HOUSE PRICE QOQ YOY
Inner $1,301,500 6.2% 19.4%
Inner East $1,435,000 5.7% 9.7%
Inner South $1,311,000 4.8% 10.2%
North East $730,000 6.6% 7.1%
North West $650,000 6.6% 4.0%
Outer East $805,000 7.3% 7.5%
South East $665,000 4.8% 3.9%
West $620,000 5.1% 4.2%
Mornington Peninsula $700,000 2.6% 6.1%

Source: Domain House Price Report, December 2019

Median unit prices, Melbourne

REGION MEDIAN UNIT PRICE QOQ YOY
Inner $570,000 5.6% 7.5%
Inner East $665,000 8.6% 12.7%
Inner South $650,000 8.3% 12.3%
North East $540,000 3.8% 19.4%
North West $508,500 7.0% 14.3%
Outer East $585,000 4.3% 11.4%
South East $478,000 3.9% 7.2%
West $445,000 6.1% 8.5%
Mornington Peninsula $470,500 3.4% 6.9%

Source: Domain House Price Report, December 2019

Here’s what’s happened around the country.

Median house prices, national

Capital city Median house price QOQ YoY
Sydney $1,142,212 5.7% 6.8%
Melbourne $901,951 5.0% 8.7%
Brisbane $577,664 1.3% 1.5%
Adelaide $542,947 1.3% 1.1%
Canberra $788,621 7.3% 5.4%
Perth $537,013 0.7% -1.9%
Hobart $530,570 8.5% 15.6%
Darwin $509,452 -3.0% -1.1%

Source: Domain House Price Report, December 2019

Median unit prices, national

CAPITAL CITY MEDIAN UNIT PRICE QOQ YOY
Sydney $735,387 4.0% 3.0%
Melbourne $549,701 5.6% 12.2%
Brisbane $377,549 -3.4% -5.1%
Adelaide $306,327 -1.4% -3.7%
Canberra $455,537 4.0% 0.1%
Perth $342,708 -2.1% -0.5%
Hobart $441,104 15.2% 19.0%
Darwin $286,249 -5.4% -11.1%

Source: Domain House Price Report, December 2019

If you’re looking at buying your next home or investment property here’s 4 ways we can help you:

Sure our property markets are improving, but correct property selection is even more important than ever, as only selected sectors of the market are likely to outperform.

Why not get the independent team of property strategists and buyers’ agents at Metropole to help level the playing field for you?

We help our clients grow, protect and pass on their wealth through a range of services including:

  1. MetropoleStrategic property advice. – Allow us to build a Strategic Property Plan for you and your family.  Planning is bringing the future into the present so you can do something about it now! Click here to learn more
  2. Buyer’s agency – As Australia’s most trusted buyers’ agents we’ve been involved in over $3Billion worth of transactions creating wealth for our clients and we can do the same for you. Our on the ground teams in Melbourne, Sydney and Brisbane bring you years of experience and perspective – that’s something money just can’t buy. We’ll help you find your next home or an investment grade property.  Click here to learn how we can help you.
  3. Wealth Advisory – We can provide you with strategic tailored financial planning and wealth advice. Click here to learn more about we can help you.
  4. Property Management – Our stress free property management services help you maximise your property returns. Click here to find out why our clients enjoy a vacancy rate considerably below the market average, our tenants stay an average of 3 years and our properties lease 10 days faster than the market average.
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Kate Forbes

About

Kate Forbes is a National Director Property Strategy at Metropole. She has 15 years of investment experience in financial markets in two continents, is qualified in multiple disciplines and is also a chartered financial analyst (CFA).
Visit www.MelbourneBuyersAgent.com.au


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