Melbourne real estate continues to defy the overall downward Australian trend, recording a modest rise in prices as the rest of Australia remains in one of the biggest property slumps since the GFC.
RP Data-Rismark research found Melbourne house prices rose 0.8% during March 2011- second only to Darwin property, which jumped 1.1%. However, Australia’s other capital cities didn’t fare as kindly, recording price falls of up to 2.2%, Mr Skilbeck said.
In the apartment market, Melbourne apartments fared very well, with only a slight price fall of 0.1%, compared with much larger price falls for apartments in most other major Australian cities.
Melbourne landlords, too, are sharing the strong growth, with weekly rents continuing to rise during the past six months.
While the national picture is not so bright for property owners, it is good news for would-be home buyers. In the past three months, average prices across all capital cities have fallen 2.1% – the largest fall since these records began.
“The interest rate hikes delivered over 2010 have taken the heat out of the housing market ensuring that the normal supply-demand fundamentals are ruling the roost across capital city housing markets,” Commsec economist Savanth Sebastian said.