Melbourne House Prices Hit Record High

  • By Peter Gordon
  • •
  • 29 Jan, 2020

Here's a great update for our clients on the Melbourne property market. We have had Melbourne on our radar for several years and continue to do so.  The update on units is great news for our clients who have just settled on their apartments in Abbotsford.

Melbourne's median house price has surpassed $850,000 for the first time, as Victoria's property market returns to growth after last year's period of uncertainty.

The December 2019 quarter marks the first time that metropolitan house values have surpassed $850,000, according to data from the Real Estate Institute of Victoria, following two consecutive quarters of growth of more than 3 per cent.

REIV president Leah Calnan says that the last time this occurred was in June 2017.

Melbourne house prices are up by 3.7 per cent, according to the quarterly data, while units increased by 3.8 per cent.

“The latest REIV quarterly median price data shows that Victoria’s property sector has achieved new heights across most metrics with many price records eclipsed throughout the state,” Calnan said.

“For the first time Melbourne unit values surpassed $630,000, while new benchmarks were set across inner, middle, and outer rings.”

The data shows Melbourne’s eastern and south-eastern region dominated the top quarterly growth for both houses and units.

Suburbs Mitcham, Nunawading, Blackburn South, and Blackburn North recorded growth of more than 15 per cent for the quarter and surpassed the $1 million median house price mark.

Regional Victoria

The REIV data shows that market momentum was also recorded in regional Victoria, as house prices recorded growth of 2.2 per cent over the previous quarter, setting a new median price record of $422,500.

While regional units saw an uptick of 3.2 per cent to $307,500, also setting a new high according to the data.

Corelogic expects Melbourne’s market to surpass Sydney this year.

In December the data house forecasts that Melbourne’s median house values could rise up to 14 per cent, while Sydney was tipped to increase by 12 per cent.

Corelogic’s home value index December 2019 shows a strong finish for housing values across the country, with the national index rising 4 per cent over the December quarter.

If you would like to catch up for a coffee and a chat about your investment property goals contact the team at Investo now or you can preview our properties here.

Introducing The Palms Estate, Cairns - The Northern Beach's Premier Address

By Peter Gordon • April 26, 2023

Quiet simply, the Palms is the place to buy!

The northern beaches of Cairns is the Nation's best location for property investors right now, and The Palms is the premier development in this boom region.

It has the best location being elevated and backing onto the rainforest. It will have amazing facilities with a shopping village, a primary school, parks and green open space, a water park and an expanse of wildlife corridors.

It has taken the developers three years to get planning approval for this unique development to be able to hit the market. There are only 300 lots spread across 85 acres of the best land in The Northern Beaches.  Residents will have an abundance of open space right at their doorstep.  The Palms is also the only Certified Enviro Development project in Far North Queensland.

> Cairns Snapshot

In the rivalry between Sydney and Melbourne, the winner is ... Brisbane

By Peter Gordon • April 20, 2023

Sydneysiders and Melburnians, put aside your equally outstanding flat whites for a moment. Stop bickering about whether great beaches beat cool laneways (they do) and desist from debating whether all baristas require waxed moustaches (ideally).

Because Brisbane is closing in on the title of Australia’s best city, and we must join forces to keep this subtropical upstart in its place.

Time  magazine recently named Brisvegas on its “World’s Greatest Places” list, and omitted our cities. It’s a huge shock (and who knew they still published Time  magazine?). But they might be onto something.

Time  points to the 2032 Olympic and Paralympic Games, which will be hosted in the maroon metropolis. Brisbane will do a fine job, even though it’ll baffle the world when rugby league is added to the schedule and Queensland is allowed to field its own team.

Time’s  most radical claim is that Brisbane is worth visiting now, but tourism is surging. Not only did Lin-Manuel Miranda recently drop in to catch Hamilton , but hundreds of Hamilfans flew up to watch his interview with Leigh Sales (presumably unaware that it would subsequently arrive on iView for free).

Incredible Lifestyle At An Affordable Price  Equity of approx $390K on completion

By Peter Gordon • April 6, 2023
This small duplex development just a short drive from Hervey Bay on Queensland’s beautiful Fraser Coast, offers an incredible lifestyle at an affordable price. With unprecedented demand and very limited supply, prices look set to skyrocket.

A leading local agent has appraised each side of these duplex's to be worth $665k on completion and rent for $495 per week. So that is massive potentail instant equity of up to $390K on completion, which is incredibly hard to find.
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