While the Melbourne property market has been in a slump for the last 18 months or so, as always some areas are doing better, or worse, than others.
It may be hard to believe but a group of inner suburbs have had greater than 10% growth in the last 6 months and some over 20% growth according to the latest figures from Australian Property Monitors.
By the way…some are no surprise to me.
Domain reports that Melbourne’s inner and middle ring were the suburbs that largely saw the highest growth in median house prices over the six months to the end of March, amid what was a generally subdued residential property market.
South Melbourne, whose median house price rose 22.5 per cent to $1 million, topped the list, followed by Mont Albert (up 22.4 per cent to $1.2 million) and Fitzroy (up 22 per cent to $955,000), according to figures from Australian Property Monitors.
Other top performers included Elwood and Box Hill, where prices rose more than 10 per cent. The only outer suburb in the top 10 was Belgrave.
The rise in median house prices in these suburbs flies in the face of the general trend in Melbourne over the six months to the end of March.
During this period, only 26 per cent of the 251 suburbs that recorded sales of more than 30 houses saw price increases.
Four of the 10 suburbs that recorded the greatest median house price rises over the six months to March still registered prices below what they were a year ago.
Despite rising 22.5 per cent over the six months to March, for example, South Melbourne’s median house price remained 6.6 per cent below what it was over the same period last year.
In fact, only 19.5 per cent of Melbourne suburbs recorded a rise in median house price in the six months to the end of March this year, when compared
The suburbs that recorded the highest rises in median unit prices over the six months to March were Mentone (up 19 per cent to $479,000), Bentleigh East (up 15 per cent to $606,750) and Armadale (up 12.3 per cent to $581,000).
Unit median prices generally performed better than median house prices over the period, although only 47 per cent of suburbs where more than 30 unit sales occurred recorded rises.
Of course if you have been following my blogs, you’ll know some of these outperforming suburbs have been my long term favourites and are suburbs where the team at Metropole Property Strategists have been buying top performing investment properties. If you’d like to get a copy of the eBook – An Insiders Guide to Property Investment and learn more please click here.
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