Melbourne housing market conditions have been consistently softer than the capital city average, with housing values rising 0.8% in September to be 15.0% higher over the year, which is the lowest annual growth rate across the capital cities, but still the highest growth rate across Melbourne since 2010.
The unit market has been a drag on the headline growth rates, with unit values up 8.3% over the year compared with an 18% lift in house values.
Across the sub-regions of Melbourne. the Mornington Peninsula stands out with the highest annual rate of gain at 31%, followed by Melbourne’s Outer East where values are up 17.6%.
The softest sub-regions have been in Melbourne West and the Inner City where housing values are up 9.4% and 10.4% respectively.
As the spring listing season gathers pace, new listings being added to the Melbourne market are now tracking 18.3% above the five-year average and total listings are now 2.9% above average.
Higher stock levels could take some further heat out of the market over the coming months.
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