Melbourne Property News Monthly Wrap – July 2015

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Melbourne Property News Monthly Wrap

Fewer auctions in July, but the median house price keeps rising.

Over the 4 weekends of July, there were in excess of 2316 auctions reported to the Real Estate Institute of Victoria (REIV), with more than 1798 sales recorded. Approximately 518 properties passed in, 216 of those on a vendor bid. The clearance rate for June was 76.5%. As expected for chilly midwinter, July was slightly down on June with (300) fewer auctions and approximately 300 fewer sales.

In the June quarter the median house price in Melbourne grew by 3.1% from $861,500 to $888,000, a lucky number for some.

Melbourne suburbs which have achieved annual capital growth of more than 20% are Mt. Waverley (28%), Doncaster (28%), Burwood (27%) and Balwyn North (23%). Balwyn North also recorded the highest number of auction sales (39 sales). Reservoir (38 sales) and Glen Waverley (37 sales) were also in the top three.

July saw the Sydney median house price surpass $1 million ($1,000,616). But close to Sydney centre $1 million will buy a 2 bedroom apartment only. However this is better than Paris and New York where A$1 million will buy a 1 bedroom apartment.

Media reports in July cited the steps being taken to cool the borrowing market, targeting landlord buyers, with ANZ and Commonwealth lifting interest rates for those borrowers by 0.27%.

The regulator also called for more capital to be held against mortgages by the big banks as a safety measure against over-borrowing and a potential house price dive. But it is expected that the banks will pass this extra (12 billion) expense onto consumers through miscellaneous charges and fees, rather than a sudden general interest rate hike.

Craig Knudsen
Principal Advisor
Vendor Marketing

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