Source: 1688
The Melbourne property market saw unprecedented price growth during the COVID-19 pandemic, protecting homeowners from the full brunt of the recent market corrections. Despite declines in property values over the past three months in certain suburbs, many areas have maintained significant gains compared to pre-pandemic levels.
According to the latest quarterly median house price data from the Real Estate Institute of Victoria (REIV), while house prices have fallen in 203 regions since the end of June, over 300 suburbs have homes priced at least AUD 100,000 higher than in 2019. For example, Caulfield’s current median house price of AUD 2.2 million represents an increase of more than AUD 850,000 from pre-pandemic levels, even after a recent AUD 700,000 decline in the past quarter.
In more affordable suburbs, the trend is similar. Fawkner’s median house price has dropped from AUD 790,000 to AUD 755,000 since July but remains AUD 102,000 higher than in 2019. Similarly, Craigieburn’s median house price stands at AUD 653,000, reflecting a AUD 113,000 rise since the pre-pandemic period, despite a AUD 12,000 fall in the last quarter.
Apartment markets across Melbourne have shown resilience as well. Although prices fell in 116 suburbs between July and October, only 28 metropolitan areas have apartment prices lower than those in spring 2019. For instance, Ashwood experienced a remarkable AUD 413,500 price rise over five years, reaching AUD 1.44 million by the end of September.
Jacob Caine, president of the REIV, noted that Melbourne’s property market has demonstrated remarkable resilience throughout the pandemic and subsequent economic challenges. While recent price falls have been influenced by factors such as rising interest rates, changes to land tax, Victoria’s updated minimum rental standards, and the cost-of-living crisis, Caine remains optimistic. He believes Melbourne's strong fundamentals as one of the world's most liveable cities, coupled with growing affordability compared to Brisbane and other capital cities, will continue to make it an attractive destination for investors.
Post-Pandemic Growth Leaders: Suburbs with Strongest Price Increases
Melbourne’s real estate market may be undergoing adjustments, but its long-term resilience and appeal remain intact, with many suburbs continuing to see impressive growth despite recent declines.
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