May 1, 2020 | REIV Residential Property Sales Update – March Quarter 2020
The latest data released by the REIV for the March 2020 Quarter, reveals the strong performance of the Victorian property market in the lead up to the coronavirus pandemic. Like most of the economy, the real estate sector saw a significant change in conditions from the middle of March, following the Government’s announcement of a series of restrictions on social gatherings.
The Metropolitan Melbourne region saw median house prices reach a record high of $893,000, up 3.7% since December 2019 and up 2.3% since March 2019. Unit and apartment prices recorded a median price of $641,000, up 0.6% since December 2019 and up 4.6% since March 2019.
Regional Victoria saw median house prices reach $419,000, down -0.5% since December 2019 and up 2.5% since March 2019. Unit and apartment prices recorded a median price of $297,500, down -3.3% since December 2019 and no change at 0% since March 2019.
The Inner Melbourne region saw median house prices reach $1,485,000, down -1.9% since December 2019 and down -1% since March 2019. Unit and apartment prices recorded a median price of $635,500, up 0.3% since December 2019 and up 4.2% since March 2019.
The Middle Melbourne region saw median house prices reach $1,024,500, down -0.8% since December 2019 and up 3.1% since March 2019. Unit and apartment prices recorded a median price of $724,500, up 1.9% since December 2019 and up 6.6% since March 2019.
The Outer Melbourne region saw median house prices reach $695,500, up 2.7% since December 2019 and up 0.3% since March 2019. Unit and apartment prices recorded a median price of $550,000, up 1.3% since December 2019 and up 2.1% since March 2019.
Auctions saw median house prices reach $1,012,500 which has no change at 0% since December 2019 and up 4.3% since March 2019. Unit and apartment prices recorded a median price of $713,500, up 0.2% since December 2019 and up 6.1% since March 2019.
Private Sales saw median house prices reach $753,000 which was up 2.1% since December 2019 and down -1.5% since March 2019. Unit and apartment prices recorded a median price of $573,000, down -0.5% since December 2019 and up 3.7% since March 2019.
Is now a good time to buy a property?
With the flattening of our COVID-19 infection curve, there is the possibility that we might see an early exit from containment after a one-to-two-month lockdown. This coincided with the JobKeeper incentive and other business stimulus packages in an assertive effort from our Government to get workers back into their jobs and help minimise the number of mortgage arrears and losses.
As soon as we see improving economic conditions, we believe there will be a rise in sentiment and “pent-up demand” from buyers and sellers who had put their property goals on hold during the pandemic. This will provide a stimulus to the housing sector which could result in a strong recovery in the later part of the year, making now an opportune time to buy a property.
The team at Beckett are continuously monitoring the latest developments so that we are best informed to help our clients make the best decisions to ensure both personal and financial health. We are still trading and assisting our clients under the Government’s new health guidelines and we welcome any future enquiries.