Over the last five years apartments have witnessed the greatest growth in median prices with an average annual increase of 7.38%, well above the average median house price growth of 4.93% per annum. Houses located in the suburbs of Brighton ($1.68 million), Kew ($1.60 million) and Balwyn ($1.22 million) continue to be among the most expensive, " while the most affordable suburbs are Melton at $211,000 followed by Wyndham Vale $229,500 and Worrigee $230,000.” As this strategy is immaterial complex and has authentic steps to perform that is the reason it is imperative to get a conveyancer who has allow and experience to deal with the system.
The most expensive units can be found in the following suburbs, Brighton at $690,000, Toorak $615,000 and Malvern East $531,250. While Foots ray at $176,000, Sunbury with $230,000 and Frankston at $235,000 remain the most affordable. Based on data sourced from Oliver Hume Research, median land prices across Melbourne’s growth areas saw good increases over the March 2008 quarter after recording some mixed results in the previous quarter.
The ongoing lack of titled stock has helped maintain price levels with current demand appearing to exceed supply. The West region witnessed the highest level of growth during the quarter. The municipality of Sardinia continues to be the strong performer in the South region with prices inclining by 7.63% to $135,500, while Casey remains the highest priced at $178,450 across Melbourne.
In comparison to December 2006 quarterly figures released by Oliver Hume Research, the South region has been the best performer in terms of growth, In contrast the North region has recorded varied results, with Whittle sea increasing by 6.35%, while Hume resulted in the only decline over this period of 2.89%.
Total vacancy across Melbourne Metropolitan is currently at a record low of just 0.90% in March, this is a minor reduction of 10 basis points from February results. Compared to March 2007, vacancy has only tightened by a further 30 basis points, this low vacancy environment may promote greater investor activity during a period of rising inflation and interest rates, as rental rates are likely to grow on the back on a very tight rental market.