Steady growth in 2013 for Melbourne property prices and positive momentum into 2014

Melbourne Skyline

The Melbourne property market saw steady results during 2013 with major increases in median prices and solid growth across the city.

According to the latest data from REIV, Melbourne’s median house price grew in the final quarter of 2013, to reach a new high of $643,000. The Melbourne median unit price increased to $498,000 during the same period.

Southbank’s median unit prices for the December 2013 quarter were $546,000.

Melbourne CBD median unit prices for the December 2013 quarter were $517,000.

Docklands median unit prices for the December 2013 quarter were $621,000.

Point Cook median house prices for the December 2013 quarter were $425,000.

Commentators have now started to warn this rapid increase in the median house prices would continue to place pressure on affordability this year with Real estate Industry sources APM and RP Data predicting Melbourne’s growth would be modest during 2014.

Looking at the upcoming autumn market period leading into May we are experiencing a healthy number of properties on offer over these coming months and good numbers of buyers attending open for inspections. This presents good value for money for buyers and sellers alike.