Melbourne is located in the state of Victoria, and is home to 3.2 million people from diverse backgrounds.
Melbourne Property Market Update for March quarter 2009*
Dec 08 – Mar 09
Mar 08 – Mar 09
|House Rent ( 3 b/r)||$310 pw||+3.3||+10.7|
|Unit Rent ( 2 b/r )||$320 pw||+3.2||+8.5|
* This is the most up to date available – property data is released 3 months after the end of each quarter.
Source: Real Estate Institute of Australia
During the first few months of 2010 Mebourne has been experiencing tremendous growth in property prices with an overall growth for the year from 2009-2010 of just under 20%. The Real Estate Institute of Victoria has released results of the 2009 property market, revealing the suburb in highest demand, the suburb with the most sales and the street with the most sales.
REIV CEO Enzo Raimondo said that the second half of the year has been characterised by strong demand for residential property driven by an improving economy, increasing population, low interest rates and financial assistance for first home buyers. A lack of supply was noticeable in the first part of the year, but the strong marketplace saw supply surge in the last two months with buyers more than happy to step-in.
“Over the last six months all the factors that are required for a strong property market were present in Melbourne. This has resulted in suburbs right across the price ranges experiencing strong demand and significant increases in price,” Mr Raimondo advised. “The Victorian economy is performing well, population is growing and there is good confidence about the future, factors which will ensure the 2010 property market commences on a solid base.
“Strong demand has been recorded in both affordable and expensive suburbs, ensuring that many vendors have achieved very good results, a trend that the REIV expects to see continue in 2010 due to population growth and the constraints on supply.”
2009 Melnourne Property Market key statistics
- 22,586 auctions held; 81 per cent clearance rate, compared to 63 per cent last year
- 18,364 sold at auction – totalling $12.1 billion
- 20 per cent more homes sold than in 2008, but still 10 per cent less than in 2007
- A peak clearance rate of 87 per cent reached on the 27-28 June
- The greatest number of homes sold at auction on one weekend was 867, on 12-13 December
- Rental vacancy rate for Melbourne between 1.2 and 1.5 per cent over the year