July 30, 2020 | REIV Residential Property Sales Update – June Quarter 2020
The latest data released by the REIV (Real Estate Institute of Victoria) for the June 2020 Quarter reveals the performance of the Victorian property market since the Covid-19 pandemic hit. 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 slip slightly to $864,000, down -3.5% since March 2020 yet still an overall increase of 6.1% since June 2019. Unit and apartment prices recorded a median price of $621,000, which was also slightly down -2.5% since March 2020 yet still an overall increase of 6.4% since June 2019.
Regional Victoria saw median house prices reach $420,000, an increase of 0.1% from March 2020 and an overall increase of 3.7% since June 2019. Unit and apartment prices recorded a median price of $339,000, a huge increase of 13.6% since March 2020 and an overall increase of 6.2% since June 2019.
The Inner Melbourne region saw median house prices reach $1,449,000, down -3.0% since March 2020 yet still an overall increase of 6.0% since June 2019. Unit and apartment prices recorded a median price of $604,500, down -4.3% since March 2020 and up 5.4% since June 2019.
The Middle Melbourne region saw median house prices reach $1,005,000, down -2.8% since March 2020 yet still an overall increase of 9.4% since June 2019. Unit and apartment prices recorded a median price of $688,500, down -4.4% since March 2020 yet still an overall increase of 7.7% since June 2019.
The Outer Melbourne region saw median house prices reach $673,000, down -3.9% since March 2019 yet still an overall increase of 4.6% since June 2019. Unit and apartment prices recorded a median price of $547,000, down -0.2% since March 2019 yet still an overall increase of 6.6% since June 2019.
Auctions saw median house prices reach $996,000, down -2.1% since March 2020 yet still an overall increase of 6.5% since June 2019. Unit and apartment prices recorded a median price of $695,500, down -2.0% since March 2020 yet still an overall increase of 7.3% since June 2019.
Private Sales saw median house prices reach $819,500 which was up 7.6% since March 2020 and up 2.7% since June 2019. Unit and apartment prices recorded a median price of $596,500, up 3.4% since March 2020 and up 6.4% since June 2019.
Is now a good time to buy a property?
With the ever changing Covid-19 situation in Melbourne this winter, the team at Beckett are 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 continuing to trade during this time and assist our clients under the Government’s changing health guidelines.
We would love to assist you with any property enquiries you may have. You can reach us at [email protected]