Market Update June Quarter 2011

Written by Paul Kounnas Thursday, 04 August 2011

According to the REIV the Melbourne median house price for the June quarter has jumped to $590,000. Despite all the doom and gloom in the media the market has not crashed but increased by 5.4% over the quarter recording an overall price growth of 5.6% over the last 12 months.

Don’t look at median house prices in isolation as they never tell the whole story, just like auctions don’t represent the market. Everyone looks at the poor auction results and thinks that is what’s happening in the market in general.

But auctions only represent a small portion of the market, about 20% Australia wide, so they don’t reflect the whole market. Most vendors sell by private sale and these figures are not readily available like the auction results.

As for the figures for Manningham, don’t read too much into the quarterly changes,they do not reflect the actual market. The annual change in prices for the area is a better indication of how the Manningham market has performed over the last twelve months (ignore the increase shown for Donvale and Warrandyte).

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