Melbourne metropolitan houses reach record median value: $1,004,500

Discussion in 'Property Market Economics' started by Momentum, 16th Apr, 2021.

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  1. Momentum

    Momentum Well-Known Member

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    Momentum, 16th Apr, 2021
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    Harris likes this.
  2. Harris

    Harris Well-Known Member

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    This is the surprising bit, given the downward pressure on the units:

    "Units in metro Melbourne achieved a median price of $672,500, 4.8 per cent higher than the December quarter and an annual increase of 3.4 per cent."

    The growth is accelerating in Apr - going by the core logic daily index, hence I expect another quarter of significant growth, albeit a bit less than the first - but we are def looking at 20% + for mel for 2021 - even at less than half the trajectory of Q1, we would still cross that milestone!
     
    Harris, 16th Apr, 2021
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  3. kaibo

    kaibo Well-Known Member

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    https://reiv.com.au/property-data/residential-sales/high-performers

    This is most interesting and I can definitely see it on the ground along the school belt for houses. We all know it's an owner occupier market but price growth has been biggest (17 of the 20 top % growth suburbs have a median price over 1 mil).

    Clearly the top 50 percentile (over 1 mil) has had the most price growth and this price is not the usual first home buyer market.
     
    kaibo, 16th Apr, 2021
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  4. Squirrell

    Squirrell Well-Known Member

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    Annualised growth of 60 to 90% for eastern suburbs melb. Maybe we wont get that much. But 30% seems realistic.
     
    Squirrell, 17th Apr, 2021
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  5. Harris

    Harris Well-Known Member

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    That would be inviting the wrath of regulators with the biggest sledgehammer of the century! I would rather us pause at 25%! It will naturally stagnate/ slow down in areas where it has achieved that level of growth as the surrounding areas start growing from their lower base but the quarterly growth is truly astounding!
     
    Harris, 17th Apr, 2021
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  6. Squirrell

    Squirrell Well-Known Member

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    Yup. But for a lot of areas like surrey hills, boxhill its only back to the peak of 2017, so interesting where we go from here. this is happenning without immigrants, so locals have caught up to what the chinese could spend 4 years ago thanks to low rates and some income growth. Thats my reading of it. To get another leg up from here the china tap needs to be turned on again imho.
     
    Squirrell, 17th Apr, 2021
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