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Melbourne’s median house price drops below $1 million

Melbourne house prices have slipped back under $1 million, creating an opportunity for buyers.

The Real Estate Institute of Victoriaโ€™s September Quarterly Median Report found that Melbourne metropolitan house prices fell 7.4 per cent during the quarter to $993,000.

In Melbourne, prices still continued to rise in a number of locations, including Williamstown ($1,650,000) with 8.6 per cent growth, Surrey Hills ($2,166,500) with 6.2 per cent growth, Mount Waverley ($1,592,500) with 4 per cent growth, Keysborough ($1,010,000) with 3.1 per cent growth and Burwood ($1,400,000) with 1 per cent growth.

In regional Victoria, median prices for both houses and units demonstrated greater resilience, with houses falling 2.8 per cent to $603,000 and units falling 2.3 per cent to $422,500, this quarter.ย 

The top regional suburbs delivering house price growth during the quarter were Heathcote ($570,000), Morwell ($354,000) and Wodonga ($530,000).

REIV President Andrew Meehan said the September quarter had created attractive buying opportunities for Victorians, while strong longer-term market fundamentals prevail.ย 

โ€œLower median prices through the September Quarter have created new opportunities for Victorians to buy more affordably in Melbourne, particularly in the outer suburbs,โ€ Mr Meehan said.

โ€œThe upward trends we continue to see in the annual data suggest there is significant long-term confidence underpinning both transaction activity and real estate prices across the state.

โ€œIt is pleasing to see property transactions have not slowed materially, with a high volume of vendors listing their properties and plenty of undeterred buyers. โ€œ

Mr Meehan said there are a number of reasons to remain positive about house prices going forward.

โ€œLooking ahead, these factors, combined with the RBAโ€™s lower-than-expected rate rise in October, are an encouraging sign of our real estate marketโ€™s long-term health.โ€ย 

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Rowan Crosby

Rowan Crosby is a senior journalist at Elite Agent specialising in finance and real estate.