Market Overview - Median Suburb Prices and RP Data Report
There has been a lot of market activity this spring.
Volumes of new listings year on year are up and overall volume of listings is down, suggesting what is coming onto the market is selling and older listings are as well. However the Victorian auction success rates have been hovering just slightly under that of last year, though in and around the inner city the auction success rates are up on the state average which is certainly reflective of what we have seen in the market place.
A few days ago, Corelogic RP Data released their October Quater report. It’s a detailed read but we have pulled out the stats relevant to the Melbourne Market. The link to the full report is below.
|Quarterly value change||1.8%||2.2%|
|12 month value change||9.2%||6.2%|
|5 year annual value change||4.5%||2.9%|
|10 year annual value change||6.5%||5.1%|
|15 year annual value change||8.3%||7.0%|
|Value change from previous market peak||8.5%||3.1%|
|Estimated 12 month sales volumes**||58,857||26,933|
|Average time on market (days)*||38||43|
|Average vendor discount*||-5.5%||-5.7%|
|Median rental rate||$446||$397|
|Gross rental yield||3.2%||4.1%|
|Average hold period (years)*||11.7||9.6|
* Data to September 2014
** Data to August 2014
Sources: CoreLogic RP Data Home Value Index
However, as you start to scratch the surface and dig a little deeper each suburb starts to tell’s its own story. The analysis could go into infinite detail and if you want some more analysis on your home please phone your agent, but what is the median price of houses sold in the past 12 months in your suburb?
Graph: Property Analytics Australiais a specialist data company that provides real estate agencies with objective, independent analysis of property sales information. Its senior analysts deliver to clients relevant and easy-to-understand statistics focused on local market conditions and the competitive landscape in which they operate.
Nelson Alexander subscribes to Property Analytics’ services in order to obtain strategic business insights and to better inform its clients on how to achieve the best possible results when selling their property.