Melbourne’s housing market performed strongly over the 2014-
15 financial year, with home values rising by 10.2%. Melbourne’s
housing market accelerated over the second half of the financial year
with property values rising 5.5% over the six months to June 2015,
most likely in response to lower mortgage rates. The gap between
the performances of houses versus apartments in Melbourne was
the widest of any capital city. House values rose 11.2% over the year
compared with a relatively sluggish 2.4% capital gain across the unit
market. The generous supply of Melbourne apartments is likely to
be one factor that has kept the rate of capital gain lower across this
sector of the market.
VICTORIA
Melbourne continues strong performance
Melbourne’s performance over time
Melbourne’s best performers
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
Jan 05
Jul 05
Jan 06
Jul 06
Jan 07
Jul 07
Jan 08
Jul 08
Jan 09
Jul 09
Jan 10
Jul 10
Jan 11
Jul 11
Jan 12
Jul 12
Jan 13
Jul 13
Jan 14
Jul 14
Jan 15
Jul 15
Melbourne Median Price
Houses
Units
Dwellings
Houses
Units
Median Price
$615,000
$480,000
Quarterly growth
2.50%
-2.40%
12 months growth
11.20%
2.40%
5 year total growth
18.20%
7.70%
10 year total growth
91.80% 60.30%
Rank
Suburb
$
Affordable
1
MILLGROVE
$275,000
40 6.70%
2
FRANKSTON NORTH
$280,000 118 4.30%
3
WYNDHAM VALE
$320,000 375 4.50%
$$
Mid range
1
OAK PARK
$635,500
75 18.80%
2
FLINDERS
$650,000
31 12.30%
3
ALTONA
$641,250 182 11.70%
$$$
Prestige
1
BALWYN NORTH
$1,752,500 379 16.90%
2
GLEN IRIS
$1,627,500 307 16.10%
3
CAMBERWELL
$1,693,750 302 15.70%
Rank
Suburb
$
Affordable
1
MELTON
$180,000
30 7.10%
2
WERRIBEE
$255,000 125 6.60%
3
HOPPERS CROSSING $260,000
47 3.80%
$$
Mid range
1
WOOLOOWARE
$657,500
44 24.30%
2
CONDELL PARK
$657,500
81 23.50%
3
ALLAWAH
$650,400
78 14.80%
$$$
Prestige
1
BALWYN NORTH
$1,152,500
49 32.90%
2
BOX HILL SOUTH
$749,500
51 18.40%
3
BALWYN
$805,000 124 14.20%
Median Price (3 months)
Number sold (12 months)
12 month change in median price
Affordable
= suburbs below 25th percentile
Mid range
= suburbs between 25th and 75th percentile
Prestige
= suburbs above 75th percentile
8