Melbourne's Property Market assessed as 'The Standout Performer' for 1st Quarter

April 29, 2013
David Wilson

by Antony Bucello & Catherine Cashmore from National Property Buyers - 28 April 2013

A clearance rate of 71 per cent has been recorded this weekend, which is quite a jump from last week’s ‘revised’ 65 per cent – albeit, some results are still pending.

The latest median house data from Australian Property Monitors has indicated a 3.6 per cent rise for Melbourne’s median house price over the quarter taking it to $538,922. Considering, most economists had tipped Melbourne as a ‘weak’ market, due to inflated levels of housing supply, the unexpected rise left APM senior economist – Andrew Wilson heralding Melbourne as the ‘standout performer,’ ahead of Sydney which, for the same period, recorded a modest 1.7 per cent rise (recording a median house price of $673,681 – a new record.)

APM’s median unit price ended the quarter lower – rising a modest 1.7 per cent to end up at $402,197.Whilst Melbourne lags in its year on year result, rising 3.7 per cent behind Sydney’s more robust 4.2 per cent, Wilson notes “This is the best performance by the Melbourne housing market since the March quarter of 2010.” Read more.

Posted in: Property market

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