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Melbourne

The Melbourne property market has performed strongly over the past 12 months to February 2020.

There have been 295 properties listed over the past 12 months, while 371 have sold. This compares to 425 listings for the same time last year, and 350 sales.

The current median sales price of a house in Melbourne is $573,000. This represents growth of 14.6% over the past 12 months.

The time it takes to sell a house in Melbourne is currently days. This timing is -28 days higher than a typical 4 week auction campaign.

For apartments, the median sales price is $581,625. Apartment prices have declined by -3.1% over the past 12 months. The time it takes to sell a unit in Melbourne is currently 42 days.

MICRO-SUBURBS
Median (# Sales)
HousesUnits
1NA$334,000
(6)
2$8,250,000
(1)
$590,000
(223)
3NA$710,000
(65)

Median Sales

House
Unit
$500,000

Feb 2019
(12 months)

$573,000

Feb 2020
(12 months)

$600,000

Feb 2019
(12 months)

$581,625

Feb 2020
(12 months)

 HouseMedian Sales Price Change inHouseMedian Sales Price

Number of Sales

28
Feb 2019
(12 months)
15
Feb 2020
(12 months)

-46.4%

MOVEMENT


322
Feb 2019
(12 months)
356
Feb 2020
(12 months)

10.6%

MOVEMENT

Number of Listings

 House Listings Unit Listings
1
294
42
Days on Market

Rentals

Rental Yield

NA

Median Asking Rent

$
per week

Percentage Rented

HOUSES & UNITS
66.8%

Rental Yield

4.8%

Median Asking Rent

$525
per week

Population

Population
47,293

Family Composition

CHILDLESS COUPLE

64.2%

COUPLES WITH CHILDREN

16%

SINGLE PARENTS

7.6%

OTHER

12.2%

Tenure Type

RENTING

66.8%

OWNS OUTRIGHT

14%

PURCHASING

15%

OTHER

0%

Definitions and Disclaimers

Sales metrics are for the period 1 Mar 19 - Feb 20 unless otherwise stated. For listings, 1 May 19 - Apr 20.

The CoreLogic Data provided in this publication is of a general nature and should not be construed as specific advice or relied upon in lieu of appropriate professional advice.

While CoreLogic uses commercially reasonable efforts to ensure the CoreLogic Data is current, CoreLogic does not warrant the accuracy, currency or completeness of the CoreLogic Data and to the full extent permitted by law excludes all loss or damage howsoever arising (including through negligence) in connection with the CoreLogic Data.

The State of Victoria owns the copyright in the Property Sales Data and reproduction of that data in any way without the consent of the State of Victoria will constitute a breach of the Copyright Act 1968 (Cth). The State of Victoria does not warrant the accuracy or completeness of the Property Sales Data and any person using or relying upon such information does so on the basis that the State of Victoria accepts no responsibility or liability whatsoever for any errors, faults, defects or omissions in the information supplied.