October 30, 2020 | REIV Residential Property Sales Update – September Quarter 2020
The latest data released by the REIV for the September 2020 Quarter, reveals the strong performance of the Victorian property market over the past 12 months. However, like most of the economy, the real estate sector saw a significant change in conditions from the middle of March due to coronavirus which did have a small impact on the September Quarter results.
The Metropolitan Melbourne region saw median house prices reach a record high of $846,000, up 7.4% since September 2019 and down -1.7% since June 2020. Unit and apartment prices recorded a median price of $622,500, up 5.4% since September 2019 and no change at 0% since June 2020.
Regional Victoria saw median house prices reach $442,500, up 4.9% since September 2019 and up 5.1% since June 2020. Unit and apartment prices recorded a median price of $327,500, up 8.0% since September 2019, but down -3.1% June 2020.
The Inner Melbourne region saw median house prices reach $1,486,000, up 7.5% since September 2019 and no change at 0% since June 2020. Unit and apartment prices recorded a median price of $619,500, up 5.2% since September 2019 and up 1.8% since June 2020.
The Middle Melbourne region saw median house prices reach $975,500, up 9.7% since September 2019 but down -2.8% since June 2020. Unit and apartment prices recorded a median price of $687,000, up 6.5% since September 2019 and no change at 0% since June 2020.
The Outer Melbourne region saw median house prices reach $679,500, up 5.4% since September 2019 and up 0.9% since June 2020. Unit and apartment prices recorded a median price of $539,500, up 7.9% since September 2019 and no change at 0% since June 2020.
Auctions saw median house prices reach $979,000, up 6.8% since September 2019 but down -2.5% since June 2020. Unit and apartment prices recorded a median price of $688,500, up 5.8% since September 2019 but down -1.2% since June 2020.
Private Sales saw median house prices reach $813,500 which was up 6.6% since September 2019 and no change at 0% since June 2020. Unit and apartment prices recorded a median price of $601,000, up 7.5% since September 2019 and up 0.8% since June 2020.
Will there be a Spring Blitz this year?
With the flattening of our COVID-19 second wave and the easing of lockdown restrictions for the Real Estate Industry in October, we have noticed a large rise in sentiment and “pent-up demand” from buyers and sellers who had put their property goals on hold during the 8 week lockdown in August and September.
The traditional Spring Blitz in Real Estate is definitely happening, albeit a little later this year! This will provide a stimulus to the housing sector which could result in a strong recovery in the final quarter of 2020.
The team at Beckett are continuously monitoring the latest developments so that we are best informed to help our clients make the best decisions to ensure both personal and financial health. We are still trading and assisting our clients under the Government’s new health guidelines and we welcome any future enquiries.