Market update

Market update

Market update

The Melbourne property market is currently thriving with a 74 per cent auction clearance rate over last fortnight. Consistent buyer demand is fuelling strong sale prices across all market sectors and this includes our local inner-west suburbs.

Kensington
According to the REIV, the median Kensington house price is currently $1.14 million, while the median price for a unit is $532,000. Rental yields are currently 4.2 per cent compared to 2.8 per cent in Melbourne.

Flemington
Flemington has seen promising house price growth of 16.5 per cent and has a median house price of $1.17 million. Median rent is also higher than metro Melbourne at $500 (compared to $420).
Units have experienced a massive quarterly price surge of 22 per cent compared to 4.3 per cent in metro Melbourne. Median unit rent is higher than metro Melbourne at $320 (compared to $305) while rental yields outperform Melbourne at 3.6 per cent (compared to 2.8 per cent).

Aberfeldie
In Aberfeldie, a suburb dominated by families, houses achieved a median sale price of $1.34 million, while units fetched a median sale price of $741,000 and experienced an annual price increase of 29.3 per cent.

Essendon
Essendon with its professional population, saw a quarterly drop in the median house price of 4.1 per cent to $1.41 million. Meanwhile, units outperformed houses with a quarterly price upswing of 23.4 per cent to a median price of $551,000.

Moonee Ponds
In the major retail and commercial suburb of Moonee Ponds, quarterly house prices fell by 8.4 per cent to $1.32 million.
Unit prices dropped significantly over the quarter by 35.6 per cent, with the median sale price at a low $412,000. However, with strong rental yields of 4 per cent, Moonee Ponds is a promising investment choice where buyers can still buy a two-bedroom unit around the $500,000 mark.

Maribyrnong
In Maribyrnong, house prices jumped over the quarter by 17.9 per cent to $1.16 million.

Meanwhile, units experienced a quarterly price drop by 3.4 per cent to $490,000. Rental yields were at 3.8 per cent compared to 2.8 per cent in metro Melbourne. With a number of residential development sites, Maribyrnong is an area predicted to grow in both population and demand.
If you’re looking at buying, selling or renting, or would just like more information about a particular suburb, click here to contact us for a chat today.