New data released by the REIV has found substantial variations across Melbourne in capital growth during the September quarter, depending on the area and the type of dwelling.
REIV CEO Mr Enzo Raimondo said that median house prices can be skewed by a few particularly low or high prices in an area. “But looking at prices for houses and units, suburb by suburb, according to the number of bedrooms can give a clearer picture of what has happened to prices.”
Mr Raimondo said REIV analysis of median house prices for the September quarter showed capital growth across the city varied from 4.3 per cent for a one bedroom unit in outer Melbourne to -1.3 per cent for a one bedroom unit in inner Melbourne.
There were similar variations for two bedroom and three bedroom units and for houses, depending on the number of bedrooms. For example, a four bedroom house in outer Melbourne showed capital growth of only 1.1 per cent in the quarter, while in middle Melbourne the growth for the same size house was 4.1 per cent.
“Homebuyers daunted by news of Melbourne’s rising median house prices can track down the most affordable suburbs using the new data from the REIV website,โ Mr Raimondo said.
The data, available at reiv.com.au/BedroomMedians provides median prices according to property type and the number of bedrooms for the 12 months to September. It also includes weekly median rents, gross rental yield and five-year annual capital growth.
“This is a very valuable resource which the REIV is providing for free on our website so homebuyers and anyone interested in property can inform themselves,” Mr Raimondo said. “A visitor to the site simply needs to click on a suburb and all the information about it will appear.”