Local Market Update - September 2017
Melbourne house prices are still tracking up, but new data shows growth has started to slow. While Sydney’s median house price has fallen for the first time in two years, Melbourne is unlikely to follow in the coming year.
Melbourne’s median house price has risen to $880,902, a jump of more than $100,000 over the past year. House prices have now consecutively risen every quarter for five years, but the latest figures show growth is tapering off. Over the September quarter, the median house price rose 1.3 per cent, the lowest result in three years.
This cooling has been expected in Melbourne, consistent with tighter lending standards, rising investor mortgage rates and some pullback in foreign demand.
So, whilst very strong recent population growth still supports further house price growth in coming quarters, we would expect growth in Melbourne house prices to slow to single digit rates in 2018, reflecting the bank’s view that interest rates will rise next year.
Locally, there were 16 sales in Beaumaris for September – similar to August(14). However there are 37 properties currently on the market which is quite a bit healthier than 29 last month. There were 9 sales in Black Rock for September versus 11 last month. There are 26 properties currently on the market – not much change from the 24 of last month.
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