Open_Market

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Melbourne’s housing market performed strongly over the 2014-
15 financial year, with home values rising by 10.2%. Melbourne’s
housing market accelerated over the second half of the financial year
with property values rising 5.5% over the six months to June 2015,
most likely in response to lower mortgage rates. The gap between
the performances of houses versus apartments in Melbourne was
the widest of any capital city. House values rose 11.2% over the year
compared with a relatively sluggish 2.4% capital gain across the unit
market. The generous supply of Melbourne apartments is likely to
be one factor that has kept the rate of capital gain lower across this
sector of the market.
VICTORIA
Melbourne continues strong performance
Melbourne’s performance over time
Melbourne’s best performers
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
Jan 05Jul 05Jan 06Jul 06Jan 07Jul 07Jan 08Jul 08Jan 09Jul 09Jan 10Jul 10Jan 11Jul 11Jan 12Jul 12Jan 13Jul 13Jan 14Jul 14Jan 15Jul 15
Melbourne Median Price
Houses Units Dwellings
Houses Units
Median Price $615,000 $480,000
Quarterly growth 2.50% -2.40%
12 months growth 11.20% 2.40%
5 year total growth 18.20% 7.70%
10 year total growth 91.80% 60.30%
Rank Suburb
$
Affordable
1 MILLGROVE $275,000 40 6.70%
2 FRANKSTON NORTH $280,000 118 4.30%
3 WYNDHAM VALE $320,000 375 4.50%
$$
Mid range
1 OAK PARK $635,500 75 18.80%
2 FLINDERS $650,000 31 12.30%
3 ALTONA $641,250 182 11.70%
$$$
Prestige
1 BALWYN NORTH $1,752,500 379 16.90%
2 GLEN IRIS $1,627,500 307 16.10%
3 CAMBERWELL $1,693,750 302 15.70%
Rank Suburb
$
Affordable
1 MELTON $180,000 30 7.10%
2 WERRIBEE $255,000 125 6.60%
3 HOPPERS CROSSING $260,000 47 3.80%
$$
Mid range
1 WOOLOOWARE $657,500 44 24.30%
2 CONDELL PARK $657,500 81 23.50%
3 ALLAWAH $650,400 78 14.80%
$$$
Prestige
1 BALWYN NORTH $1,152,500 49 32.90%
2 BOX HILL SOUTH $749,500 51 18.40%
3 BALWYN $805,000 124 14.20%
Median Price (3 months) Number sold (12 months) 12 month change in median price
Affordable = suburbs below 25th percentile Mid range = suburbs between 25th and 75th percentile Prestige = suburbs above 75th percentile
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