Melbourne’s property market has seen significant fluctuations over the years, as revealed by recent suburb-level aggregate data. This information provides insights into the changing landscape of house prices in a specific Melbourne suburb.
The data shows a notable increase in house values from the beginning of 2017 to mid-2017. In January 2017, the median house price was $1,985,000, which rose dramatically to $3,902,500 by May of the same year. This represents a substantial jump of nearly 97% in just five months.
However, the market experienced a downturn in 2018. By July 2018, house prices had fallen to $2,730,000, marking a significant decrease from the peak observed in 2017. This decline highlights the volatile nature of the property market during this period.
More recent data indicates a recovery and stabilization of house prices. As of November 2023, the median house price stood at $3,657,932, showing a considerable rebound from the 2018 low. The latest available data for 2024 suggests a further increase, with prices holding steady at $3,750,000 from June to October.
It’s worth noting that while house prices have shown variability, unit prices in the same suburb have remained relatively stable, fluctuating between $600,000 and $707,500 throughout the observed period.
These figures underscore the importance of considering long-term trends when analyzing property markets, as short-term fluctuations can be significant.
