April 30, 2021 | REIV Residential Property Sales Update – March Quarter 2021

The latest data released by the REIV for the March 2021 Quarter really demonstrated the strong performance of the Victorian property market in the first quarter of the year, and since the hard lockdown ceased on 28th September 2020. It’s no surprise that the real estate sector is firing at the moment with all-time low interest rates. Buyers have also been accumulating savings throughout the 2020 lockdowns and they are eager to change-up their living space after a year of being house bound as a result of the Covid-19 pandemic.

The Metropolitan Melbourne region saw median house prices reach a record high of $1,004,500, up 8.8% since December 2020 and up 8.8% since March 2020. Unit and apartment prices recorded a median price of $672,500, up 4.8% since December 2020 and up 3.4% since March 2020.

Regional Victoria saw median house prices reach $510,500, up 4.1% since December 2020 and up 12.3% since March 2020. Unit and apartment prices recorded a median price of $383,500 up 5.9% since December 2020 and up 19.1% since March 2020.

The Inner Melbourne region saw median house prices reach $1,619,000 up 4.5% since December 2020 and up 7.2% since March 2020. Unit and apartment prices recorded a median price of $645,500, up 2.9% since December 2020 and up 1.6% since March 2020.

The Middle Melbourne region saw median house prices reach $1,148,500, up 6.9% since December 2020 and up 8.1% since March 2020. Unit and apartment prices recorded a median price of $752,500, up 5.6% since December 2020 and up 3.3% since March 2020.

The Outer Melbourne region saw median house prices reach $761,000, up 6.6% since December 2020 and up 7.5% since March 2020. Unit and apartment prices recorded a median price of $590,000, up 2.0% since December 2020 and up 8.2% since March 2020.

Auctions saw median house prices reach $1,186,500, up 3.0% since December 2020 and up 14.4% since March 2020. Unit and apartment prices recorded a median price of $741,500, up 4.2% since December 2020 and up 3.2% since March 2020.

Private Sales saw median house prices reach $848,500 which was up 1.6% since December 2020 and up 12.8% since March 2020. Unit and apartment prices recorded a median price of $611,000, down -1.1% since December 2020 and up 7.4% since March 2020.

These results are a far cry from what most property experts and analysts predicted earlier last year. Some major organisations even predicted property prices to plunge by 40%. Once again, the Melbourne property market has remained very strong, and desirable by many.

At Beckett Property, we embrace the changes to our city and the varying market conditions. We constantly strive to source new opportunities for our clients which unlocks the potential of each property and creates remarkable lifestyles within the Melbourne community.

Our commitment and dedication to our clients has firmly established our position as one of Melbourne’s most successful, consistent and creative Property Advisories. Our company is built on the foundation of experience, current industry and economic knowledge, ethical advice, networks, relationships, world-class customer service and optimum results.

If you are thinking about getting into the market to buy a Melbourne property in 2021, please feel free to contact us at [email protected].