Melbourne’s housing market finished the year with house values
11.7% higher and unit values a much lower (but still strong) 6.9%
higher. Growth conditions had slowed over the final quarter of 2015,
with Melbourne property values falling 1.9% over final three months
of the year. With values down over the last quarter of the year, auction
clearance rates also drifted lower. After peaking at 87% in April and
May last year, auction clearance rates across Melbourne finished
the year in the mid 60% range. The strong growth over the year also
pushed local rental yields to record lows during 2015; however, the
value falls over the final quarter coupled with a slight rise in rents saw
a slight recovery in Melbourne yields in December.
VICTORIA
Auctions drift but values still strong
Melbourne’s performance over time
Melbourne’s best performers
Melbourne Median Price
Houses
Units
Dwellings
$0
$200,000
$100,000
$400,000
$300,000
$600,000
$500,000
$700,000
$800,000
DEC-05
JUN-06
DEC-06
JUN-07
DEC-07
JUN-07
DEC-08
JUN-09
DEC-09
JUN-10
DEC-10
JUN-11
DEC-11
JUN-12
DEC-12
JUN-13
DEC-13
JUN-14
DEC-14
JUN-15
DEC-15
Houses
Units
Median Price
$675,000
$506,000
Quarterly change
–2.3%
1.6%
12 months change
11.7%
6.9%
5 year total change
21.9%
10.9%
10 year total change
97.7%
101.2%
Rank
Suburb
$
Affordable
1
FRANKSTON NORTH
$288,000 145 8.7%
2
WERRIBEE
$334,000 675 7.7%
3
MELTON WEST
$318,002 359 6.0%
$$
Mid-range
1
CROYDON HILLS
$667,500
65 17.1%
2
BELLFIELD
$670,000
26 15.3%
3
PASCOE VALE
$662,500 217 15.2%
$$$
Prestige
1
PORTSEA
$1,800,000
57 38.5%
2
CAULFIELD NORTH
$1,780,000 136 31.3%
3
MONT ALBERT
$1,825,000
56 29.0%
Rank
Suburb
$
Affordable
1
WYNDHAM VALE
$276,000
26 11.1%
2
KOO WEE RUP
$265,000
13 10.4%
3
MELTON SOUTH
$209,591
32 5.5%
$$
Mid-range
1
GLEN HUNTLY
$500,000 100 21.4%
2
DIAMOND CREEK
$505,000
21 19.5%
3
MACLEOD
$515,000
71 17.0%
$$$
Prestige
1
BALWYN
$777,500 135 23.6%
2
EAGLEMONT
$800,000
21 23.1%
3
BEAUMARIS
$870,500
67 22.2%
Rolling Median Price (12 months)
Number sold (12 months)
12 month change in median price
Affordable
= suburbs below 25th percentile
Mid-range
= suburbs between 25th and 75th percentile
Prestige
= suburbs above 75th percentile
8