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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 Victoria’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. 

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. 

“Lower median prices through the September Quarter have created new opportunities for Victorians to buy more affordably in Melbourne, particularly in the outer suburbs,” Mr Meehan said.

“The 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.

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

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

“Looking ahead, these factors, combined with the RBA’s lower-than-expected rate rise in October, are an encouraging sign of our real estate market’s long-term health.” 

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Rowan Crosby

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