November 1, 2021 | SEPTEMBER QUARTER 2021- MEDIAN PRICES
The latest data released by the Real Estate Industry of Victoria (REIV) for the quarter ending in September 2021 shows increased confidence and sustained overall growth.
On Thursday 5th August, Victoria’s Lockdown 6.0 saw the property market virtually placed on hold for 6 weeks as physical property inspections and auctions were banned once again. Many campaigns were placed on hold, whilst others continued to sell during lockdown (some properties were even sight unseen).
Physical property inspections were permitted to commence again from Saturday 18th September, half-way through the quarter, and came as a very welcome announcement. Forecasters are still predicting rising house prices during the next quarter as vendors and buyers work to make up lost time.
Table: September Quarter 2021 Median Prices, seasonally adjusted.
The Metropolitan Melbourne region saw median house prices reach a record high of $1,072,500, up 6% this quarter since June 2021, and up 13.8% since this time last year in September 2020. Unit and apartment prices recorded a median price of $680,500, up 0.4% this quarter since June 2021, and up 5.6% since this time last year in September 2020.
Regional Victoria saw median house prices reach $570,000, up 2.4% since June 2021, and up a staggering 22.8% on this time last year in September 2020. Unit and apartment prices saw similar success with a recorded median price of $394,500, up 1.9% since June 2021, and up 18.8% since September 2020.
The Inner Melbourne region saw median house prices hit $1,704,500, down -3.5% since June 2021, but up 9.4% since this time last year in September 2020. Unit and apartment prices recorded a median price of $650,500, also down -0.1% since March 2021, but up 2.6% since September 2020.
The Middle Melbourne region saw median house prices reach $1,264,000, up 4.7% since June 2021, and up substantially by 14.4% since this time last year in September 2020. Unit and apartment prices recorded a median price of $764,000, just down -0.4% since June 2021, but up 6.8% since September 2020.
The Outer Melbourne region saw median house prices reach $818,000, up 1.8% since June 2021, and up 12.6% since September 2020. Unit and apartment prices recorded a median price of $605,500, down -1.8% since June 2021, but up 10.1% since September 2020.
Auctions saw median house prices reach $1,223,500, up 2.6% since June 2021, and up 17.2% since this time last year in September 2020. Unit and apartment prices recorded a median price of $782,500, up 3.0% since June 2021, and up 6.2% since September 2020.
Private Sales saw median house prices reach $903,000, up 4.2% since June 2021, and up 9.2% since September 2020. Unit and apartment prices recorded a median price of $603,000, down -0.9% since June 2021, but up 3.4% since October 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].