The real estate market in Melbourne has been speeding up with the change in the Australian market over the last six months. Dwelling values in Melbourne, much like other capital cities, have risen as we come into 2020. Dwelling values increased by 6.4% over the last three months, leaving them 2.2% higher over 12 months. From a broader perspective, we’ve seen annual growth of 4.4% over the past decade.
The median dwelling price in Melbourne is $666,883, with median house values at $774,023 and median unit values at $572,0398, which is lower than in previous years.
Rental rates and yields for the past year show weekly rent at $430 for houses and $430 for units, almost no change since 2018. The gross rental yields are slowly climbing from previous years, up 2.9% for houses and 4.1% for units as of January 2020.
The average number of days on the market for sale properties stays steady with previous years, with 30 days on the market still being the average as of January 2020.
Auction clearance rates have taken a jump up to 73% (compared with 43% the previous year).