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The latest quarterly data shows that despite the Victorian capital’s cooler market, one type of property is running at a higher speed.
The Real Estate Institute of Victoria (REIV) reported that over the three months to 30 September 2024, the vast majority of the state saw little change in price. The exception was in outer Melbourne, where units and apartments bucked the trend with considerable growth for the third consecutive quarter.
Units and apartments in the outer city ring increased by 0.6 per cent to a median price of $603,000 after three successive median increases. That brings the submarket’s increase over the past five years to a substantial 18.8 per cent.
Outer Melbourne proved to be the area of most interest across the board, with eight out of the top 20 suburbs for house prices located in the area. Keysborough came in as the strongest performer, rising 6.8 per cent to $1,015,000.
From a five-year view, units in the area are outpacing the rate of house price growth, however, with the latter up by 18.5 per cent to $770,000 over the half decade.
Elsewhere in the city, prices held fairly steady in the September quarter, such as in metropolitan Melbourne, where the median house price recorded a 0.1 per cent increase to $916,000 and units rose 0.2 per cent to $628,000.
Regional Victoria saw similar movement to the inner city, with median house prices increasing ever so slightly for the second consecutive quarter, rising 0.1 per cent to $601,500 and units and apartments relatively flat with a 0.2 per cent decrease to $418,000.
REIV CEO Kelly Ryan attributed the attention that seems to be collecting in the city’s outer suburbs to the “access to schools, transport, amenities and other lifestyle convenience factors”.
“The growth in median apartment and unit prices for outer Melbourne, coupled with extremely strong sales volumes, highlights the opportunities that exist in the area for home owners and investors,” Ryan said.
She also added that the five-year trend for regional property remained positive in terms of long-term growth.
“Regional Victoria saw an increase of 46.3 per cent for houses and 42.6 per cent for units and apartments over five years. These are strong metrics which show regional Victoria continues to attract buyers with good lifestyle appeal and affordable buying options,” she said.
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