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REIV RESIDENTIAL PROPERTY SALES UPDATE – JUNE 2021 QUARTER

 

The latest data released by the Real Estate Industry of Victoria (REIV) shows strong and sustained results for the June 2021 Quarter. Building on historic highs in the first quarter of this year, trends are continuing historic upwards trajectories. Buyers are making the most of low interest rates, and forecasters are warming up predicting rising house prices right through 2021, compared to this time last year where Melbourne’s property market was uncertain due to Covid-19.

 

Table: June Quarter 2021 Median Prices, seasonally adjusted.

The Metropolitan Melbourne region saw median house prices reach a record high of $1,010,000, up 0.2% this quarter since March 2021, and up 11.7% since this time last year in June 2020. Unit and apartment prices recorded a median price of $679,500, up 2.1% this quarter since March 2021, and up 4.8% since this time last year in June 2020.

Regional Victoria saw median house prices reach $559,500, up 10.5% since March 2021, and up a staggering 19% on this time last year in June 2020. Unit and apartment prices saw similar success with a recorded median price of $394,000, up 3.3% since March 2021, and up 17.7% since June 2020.

The Inner Melbourne region saw median house prices reach $1,750,000, up 6.0% since March 2021, and up 9.0% since June 2020. Unit and apartment prices recorded a median price of $655,000, up 1.9% since March 2021, and up 2.4% since June 2020.

The Middle Melbourne region saw median house prices reach $1,191,000, up 2.4% since March 2021, and up 9.9% since June 2020. Unit and apartment prices recorded a median price of $760,000, up 1.1% since March 2021, and up 5.4% since June 2020.

The Outer Melbourne region saw median house prices reach $806,500, up 5.2% since March 2021, and up 10.6% since June 2020. Unit and apartment prices recorded a median price of $621,500, up 5.2% since March 2021, and up 9.7% since June 2020.

Auctions saw median house prices reach $1,181,000, notably the only median result down this quarter with -1% since March 2021, but still up 15.5% since this time last year in June 2020. Unit and apartment prices recorded a median price of $755,000, up 1.8% since March 2021, and up 4.4% since June 2020.

Private Sales saw median house prices reach $856,000, up 0.9% since March 2021, and up 10.5% since June 2020. Unit and apartment prices recorded a median price of $610,500, up 0.3% since March 2021, and up 5.2% since June 2020.

These results are a far cry from what most property experts and analysts predicted earlier last year. Some major organisations even predicted property prices to plunge by 40%. Once again, the Melbourne property market has remained very strong, and desirable by many.

At Beckett Property, we embrace the changes to our city and the varying market conditions. We constantly strive to source new opportunities for our clients which unlocks the potential of each property and creates remarkable lifestyles within the Melbourne community.

Our commitment and dedication to our clients has firmly established our position as one of Melbourne’s most successful, consistent and creative Property Advisories. Our company is built on the foundation of experience, current industry and economic knowledge, ethical advice, networks, relationships, world-class customer service and optimum results.

If you are thinking about getting into the market to buy a Melbourne property in 2021, please feel free to contact us at [email protected]

 




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