23 Jul 2014 By: Greg Hocking 0 Comment
Melbourne’s median house price has increased 3.3 per cent in the June quarter according to newly released figures from the Real Estate Institute of Victoria (REIV), with a record new median price of $658,000.
This latest rise equates to a 16.7 per cent increase year on year. Units and apartments also experienced growth with the June median setting another record at $502,000; an increase of 9.1 per cent year on year.
The inner city area remains strong with median prices up 12.1 per cent compared to the same time last year. The significant growth in Melbourne’s ‘middle ring’ suburbs reflects the level of buyer competition in the market over the last quarter with median house prices rising to $720,000. The outer suburbs also experienced solid price growth of 10.4 per cent for the same period.
Knowing your property’s potential value in the current market is your first step to getting a spring sales campaign started.
We’re ready to help sellers hit the ground running this spring. Call us today for a no-obligation market appraisal and a comprehensive sales report of properties similar to yours that have sold in recent months in your local area.