Melbourne’s housing market has lifted by half a percentage point between April and May 2021, with values up 1.8% at June 2021. This takes the three month gain to 5.5%.
The impact of Victoria’s extended lockdown last year is still weighing on the annual returns for Melbourne, with housing values up a relatively small 5% since June 2020, which is the lowest Australian capital city gain.
Dwelling values increased by 5.5% over the last three months, leaving them 5% higher over 12 months. From a broader perspective, we’ve seen annual growth of 4.5% over the past decade.
The median dwelling price in Melbourne is $740,562, with median house values at $908,239 and median unit values at $605,525, higher than previous years.
Weekly rent is at $430 for houses (no change since 2018) and $380 for units. Gross rental yields are still low compared with previous years: up 2.6% for houses and 3.5% for units.
The average number of days on the market for sale properties dropped to 28 days, compared to 31 days at May 2020.