February 2, 2021 | REIV Residential Property Sales Update – December Quarter 2020
The latest data released by the REIV for the December 2020 Quarter, reveals the strong performance of the Victorian property market despite the global coronavirus pandemic. Like most of the economy, the real estate sector saw a significant change in conditions throughout 2020, following the Government’s announcement of a series of restrictions, lockdowns and halt to trade. However, our industry is back and looks to be stronger than ever.
The Metropolitan Melbourne region saw median house prices reach a record high of $941,000, up 9.5% since September 2020 and up 8.4% since December 2019. Unit and apartment prices recorded a median price of $639,500, up 2.5% since September 2020 and up 3.8% since December 2019.
Regional Victoria saw median house prices reach $485,500, up 9.2% since September 2020 and up 7.5% since December 2019. Unit and apartment prices recorded a median price of $342,500, up 3.5% since September 2020 and up 10.3% since December 2019.
The Inner Melbourne region saw median house prices reach $1,533,500, up 1.4% since September 2020 and up 6.3% since December 2019. Unit and apartment prices recorded a median price of $629,500, up 0.8% since September 2020 and up 2.7% since December 2019.
The Middle Melbourne region saw median house prices reach $1,066,500, up 8.0% since September 2020 and up 7.3% since December 2019. Unit and apartment prices recorded a median price of $715,000, up 3.6% since September 2020 and up 3.5% since December 2019.
The Outer Melbourne region saw median house prices reach $723,500, up 5.2% since September 2020 and up 6.9% since December 2019. Unit and apartment prices recorded a median price of $570,500, up 5.8% since September 2020 and up 6.9% since December 2019.
Auctions saw median house prices reach $1,138,500, up 13.9% since September 2020 and up 8.8% since December 2019. Unit and apartment prices recorded a median price of $705,000, up 2.2% since September 2020 and up 2.2% since December 2019.
Private Sales saw median house prices reach $859,000 which was up 4.5% since September 2020 and up 12.2% since December 2019. Unit and apartment prices recorded a median price of $618,500, up 2.7% since September 2020 and up 8.1% since December 2019.
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 health guidelines and we welcome any future enquiries.