Time to stop and reflect on how far we’ve come

Time to stop and reflect on how far we’ve come

20 Oct 2015 By: Greg Hocking 0 Comment

Melbourne’s spring housing sales season is now in full swing with 1,000s of properties changing hands every week across our suburbs. Every time I open a newspaper or read an industry report some new record has been set for the real estate industry, which is exciting. But even for a 30-year industry veteran this onslaught of headlines can start to blend into each other.

So here are a few neat figures to mull as we attend this week’s sweep of open houses and 1,000-plus auctions.

Ten years ago Melbourne’s median house price was less than half what it is today!

Yes, in the December quarter of 2005, the median house price in Melbourne was just $358,100, according to the Real Estate Institute of Australia. Go back a little further, to the same period of 2001, and this figure drops to only $296,800. For ‘other dwellings’ including flats, units, townhouses and terrace houses, it was just $229,700.

Jump forward to last month and in Melbourne the median house price was $730,000, according to latest data from the Real Estate Institute of Victoria. This figure is based on all reported house sales, which also confirms one in five houses had sale prices of $1 million or more.

If you want to add your house sale to these exciting market statistics, call us today.

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Greg Hocking

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