Check out the latest quarterly report (March 2011) from REIV !
Plot a graph of your suburb in Melbourne !
REIV releases median prices for March quarter 2011 The Melbourne median house price for the March quarter is $565,000, according to the latest results from the REIV. This represents a six per cent reduction from the revised December quarter median of $601,000.
REIV CEO Enzo Raimondo said, “it is evident that the current residential market in Melbourne and Victoria has entered into a different phase of lower transaction numbers and reduced price growth. This is due mainly to affordability constraints, affected by the seven rate rises since December 2009 and particularly following the November interest rate increase. It must also be noted that most years the median price does reduce in the March quarter due to the lower activity in January.
“These results show that prices in most suburbs in Melbourne have plateaued and this will be welcome news for buyers looking to buy this year.
“Melbourne remains the second-least-affordable city in which to buy a home and buyers are being more cautious, as highlighted by the overall number of transactions falling by 18 per cent compared to this quarter last year. There are also about 37 per cent fewer first home buyers active in the market than this time last year.
Extracted from REIV. Read more at their link below: