Median prices up and tipped to grow again in 2015

Median prices up and tipped to grow again in 2015

3 Feb 2015 By: Greg Hocking 0 Comment

The REIV has just released the figures for the December quarter which show median house prices grew five per cent in the final three months of the year to come in at $669,000. This represents an 11.7 per cent increase in median prices when compared to 2013.

In more pleasing news for sellers, price growth was recorded across greater Melbourne. Middle ring suburbs led the pack with an increase of 13.2 per cent in median house prices, followed by the inner suburbs at 11.7 per cent and the outer suburbs at 8.9 per cent.

Naturally, among the median prices there were standout suburbs that outperformed the average. The Domain Group reports Prahran was the highest performing suburb of 2014 with price growth hitting an impressive 33.8 per cent.

As the market prepares to ramp up to full pace by late February and early March, we can expect to see a steady continuation of the positive conditions that characterised the 2014 property year. The Domain Group has tipped price growth of three or four per cent in 2015.

Buyers often significantly outnumber sellers in the early months of a new year as listing numbers build, so if you’re thinking about selling in 2015, call us today.

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Greg Hocking

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