Residential Property Market Mid 2015
July 22nd 2015 | , Victorian Valuer General
According to Victorian Valuer General, the value of all property sales in Victoria had jumped by 12% last year.
Since 2004, they had risen by 70%.
- The median Victorian house price had risen from $270,000 in 2004 to $460,000 as at 2014. Metropolitan Melbourne house prices rose to $550,0000 last year. Over the 12 months, Melbourne recorded a 6% rise in house prices, and 2% rise in apartment prices.
- The suburb that recorded the biggest house price jump was St Kilda West, where the median price jumped by 58%, from $1.14 million to $1.8 million.
- Median Melbourne apartments prices increased to $455,000, with the highest price rises for apartments in Burnside Heights next to Caroline Springs.
- The month of May was the strongest month for auctions recording a clearance rate of 81%, the highest clearance rate in five years for the month of May.
- The vacancy rate in metropolitan Melbourne as at May 2015 remained steady at 3.0% for the fourth consecutive month. Vacant space in Melbourne’s inner suburbs increased to 2.8% in May 2015 up from 2.7% in April. The rental market in the middle suburbs tightened over May to 3.5%. The outer Melbourne rental market which has remained the tightest region, recorded a decrease in vacancy rates to 2.2% from 2.4% per cent over May 2015.
- Although vacant space is higher than it was a year ago, the median rent for houses has continued to grow – up 1.3% for May and 2.5% since last year to $400 per week. On the other hand, growth in rents for units has been relatively flat at $390 per week.
- A national survey on strata-titled property conducted by Queensland’s Griffith University, has revealed that the unit owners, named building defects as their number one challenge. Likewise, a Melbourne City Council study has estimated 55% of the city’s tallest apartment buildings over 15 storeys are of “poor” quality, with common design flaws such as cramped layouts and a lack of natural light with windowless bedrooms in almost a quarter of new residential developments.