Melbourne's property market is certainly on the move. As it continues to gain momentum, we've seen the rise in property listings coincide with fantastic results at auction, garnering a median auction clearance rate of 77% for the Fletchers group so far this year.
Perhaps most significantly, has been the news that median house prices across Melbourne have reached record-breaking highs. In the December 2019 quarter, the REIV revealed a tremendous increase of 3.7% for houses and 3.8% for units in metro areas, with new benchmarks set across the inner, middle and outer rings of Melbourne.
These figures mark the first time that median house values have surpassed $850,000 and median unit values have surpassed $630,000.
As a result, we are now seeing multiple bidders at auction. Houses and units are selling exceptionally well and in many cases, passing their reserve price. First-home buyers, in particular, are trying to get into the market before prices rise too much. And of course, low interest rates have culminated in a significant increase in home loan applications.
With this in mind, it's certainly looking like it will remain a seller's market for the first half of the year.
Whether you're looking to sell now or sell later in the year, it's always important to see how your property is fairing in the current market. Please don't hesitate to reach out to our friendly team to book in a complimentary market appraisal and we can determine the price, timing and method of sale that's right for you.
by Beth Oleyar in Media