Melbourne Property Market Update - October, 2013
01/11/2013 12:47
Melbourne's housing market recorded the second-highest month-on-month gain with a 2.4 percent lift in values over September. Since the market bottomed out in May last year, dwellings values have risen by 9.6 percent, however the Home Value Index is showing Melbourne dwelling values are still 1.9 percent lower than they previousy peaked back in October 2010. With the growth trend for Melbourne remaining firm it's highly likely that local values will move to a new historic high before the end of 2013. Melbourne rents are up by about 2 percent over past year and gross yields which are the lowest of any capital city are seeing further erosion as capital gains outpace rents. At the moment there is 40% reduction in stamp duty in Victoria, however limits on property value apply. Use stamp duty calculator Victoria to calculate your stamp duty...
Melbourne Key Statistics
Change in dwelling values
Three months 5.0%
Twelve months 5.4%
From peak -1.9%
Median prices (based on sales over past three months)
Median dwelling price %525,000
Median house price $573,000
Median unit price $450,000
Rental rates and yields
Weekly rent, houses $434
Gross rental yield, houses 3.5%
Weekly rent, units $390
Gross rental yield, units 4.3%
Selling time and discounting
Time on market, September 2013: 45
Time on market, September 2012: 56
Vendor discount, September 2013: -6.4%
Vendor discount, September 2012: -7.4
Data provided by RPdata.com.