🏠, Quarterly Update On Median House Prices

Published: Sat, 10/19/24

Hi ,

Victorian property prices haven't experienced the same level of significant growth that many other states have seen in recent years, in fact there has been a decline both in metropolitan Melbourne and regional Victoria property values since 2021 and and 2022 respectively.

Metropolitan Melbourne reached its peak of $1,135,500 in Q4 of 2021 before declining to $910,000 in Q4 2023. Since then, prices have remained steady to reach $916,000 in the September 2024 quarter.

In regional Victoria, prices grew steadily to $615,000 in the third quarter of 2022 before a minimal decline to $600,000 in the September 2024 quarter.

However, the September Quarterly Report by REIV shows a slightly more positive result for units and apartments in outer Melbourne.

The September 2024 quarter provided the third successive median house price increase for units and apartments in outer Melbourne, up 0.6% to a median price of $603,000.

Of the 20 suburbs recording Victoria's highest house prices, eight were located in outer Melbourne. Keysborough recorded the highest increase for the quarter at 6.8%, driving the median price up to $1,015,000.

REIV's Market Insights report shows metropolitan Melbourne house and unit prices remaining steady during the September quarter. House prices increased 0.1% to a median price of $916,000 while units rose 0.2% to $628,000.

The big movers in the September quarter were Kew, up 8.5% to $2,810,000, and Burwood up 8.4% to $1,452,000.

Looking to buy or sell a property in Melbourne or Tasmania? Ask about our vendor advocacy service where we provide you with trusted impartial advice and guidance, and MAKE IT EASY to enjoy a smooth and easy pathway to selling your home.

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Wendy In The Media

Wendy was a guest on NorthWest FM's Midday Panorama Show on Friday October 11th. She shared insights with Vilma Formosa on Melbourne's auction clearance rates and the government's potential changes to negative gearing and capital gains tax. If you missed it, click below to listen.

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What Our Happy Clients Have To Say...

We love hearing what our happy clients have to say about their experiences with Chamberlain Property Advocates. We helped Nisha and David buy a home. Here's what they had to say:

"It was even more helpful than I thought it was going to be. I didn't realise all the things I didn't know about buying a house and it was really amazing to have guidance along the way. And I think the best part for us was, you know, we're pretty time poor, but you're having someone doing all the legwork for you, doing the run around with the agents, setting up the inspections, finding out different information about the property’s and about who else was interested. It just made a big difference to us being able to make an informed decision and feeling confident in what we were buying.

Slightly in shock, but it feels good. It feels like the right home for us. And I think feeling like assured along the way that when we lost out on something before. Just feeling assured that there was going to be something better that came along and that that wasn't the right house, but what we would find would be the right house for us. Which has been more true than I could have expected."

Nisha and David

At Chamberlain Property Advocates, we find it immensely satisfying working with buying and selling clients alike. Let us help you too!

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Wendy's Tips

Let's talk about when is a good time to buy a home. One of the questions I'm often asked by people looking to buy is, 'should I be buying now or should I wait and save up more of a deposit?'

It is a personal question and the decision should be based on your own personal circumstances, but I do believe that when we are in a rising market you are better off trying to just get into the market. You may not buy your forever home, but at least you are in the market. And any uplift in pricing will benefit you when you look to sell that property and move into your next home.

Right now auction clearance rates are at 50 to 60%, indicating we are in a buyer's market, so it is a good time to buy.

Need a hand? Give us a call.

Wendy Chamberlain, Buyer's Advocate

Where Is Wendy Speaking Next?

Wendy will be back on the NorthWest FM's Midday Panorama Show with Vilma Formosa on Friday 15th November at 1:30pm. Don't forget to tune in!

Listen In

Seeking the support and guidance of a buyers or sellers advocate is always a good idea. We help to take the stress out of buying and selling property! It always pays to have an expert in your corner.

Please call the office on 03 9686 2288, book a time to chat here or send an email to enquire@wendychamberlain.com.au and we can make a time for a confidential chat. Obligation free!

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With gratitude,

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