Dear Fellow Property Investor,
Inner, middle and outer Melbourne have aligned to bring widespread stability to the city’s market for the first time in years.
Not since the June quarter 2021 have both house and unit prices in all three of the Victorian capital’s rings recorded positive quarterly growth, according to data from the Real Estate Institute of Victoria (REIV).
The figures reveal widespread increases throughout Australia’s second-most populous city, with increases driven by the city’s outer suburbs, which saw house prices jump 1.3 percent and units 1.8 percent in the three months to September.
Additionally, the city’s 20 top-performing suburbs for house price increases over the last quarter were dominated by entrants from its outer fringe, notably Keysborough (up 13.2 percent), Rye (13 percent), and Ringwood East (12.2 percent).
A by-product of the city’s widespread growth, suburbs in Melbourne’s east experienced strong price growth in the three months to September, culminating in Upwey entering the million-dollar club with a median house price of $1,060,000.
On the unit front, the Victorian capital’s median unit price climbed 1 percent during the three-month period to $633,500, with Toorak leading the way regarding price growth, with apartments in the affluent south-eastern suburb jumping 39 percent to approximately $1.292 million.
Following Toorak’s lead, Bentleigh East, where prices increased 5.6 percent over the quarter, was the city’s second most expensive unit market with a median price of $1.29 million. Brighton East, Brighton and Glen Waverley rounded out Melbourne’s five most expensive unit markets last quarter.
I hate to say I told you so!
I predicted this a few months ago and went through the entire Melbourne apartment market in my YouTube video called;
Melbourne’s Off-The-Plan apartment prices to raise by 25 per cent in 12 months – By Konrad Bobilak
Click HERE to watch it now.
Newly elected REIV president Jacob Caine said the results come as no surprise given recent market trajectory.
“As expected, stability has continued into the latter half of 2023, with the quarter showing strong signs of recovery on property prices across Melbourne and regional Victoria,” he remarked.
The state’s regional market, unlike its metropolitan counterpart, experienced no quarterly change in the three months to September, meaning house prices remained firmly at their June median price of $604,500, while units held steady at $416,500.
The institute’s figures are consistent with CoreLogic’s September Home Value Index, which found values in the Victorian capital climbed 0.4 per cent over the month as part of a 1.3 per cent quarterly growth.
Mr Caine believes the data goes to show that “for buyers, this is a good time to enter the market after a period of some uncertainty.”
In addition to rebounding values, Melbourne has experienced a spring surge of auction activity, with over 1,000 homes going under the hammer this past weekend. Moreover, the Reserve Bank of Australia’s decision to enact the fourth consecutive cash rate pause at its October board meeting has filled the market with greater confidence.
Let me ask you something…
Do you have a game plan for 2023 and 2024?
Or will you watch savvy, educated, market-ready investors snap up all the bargains at the bottom of the Melbourne property cycle (which in my opinion by the way has already bottomed out in November 2022),
Or will you join them?
So, what are you waiting for?
Reserve your place and join me and 55 like-minded property investors for the last Real Estate Investing Fast Track Weekend for 2023!
Click HERE to reserve your seat now!