Melbourne’s property market has seen significant fluctuations in recent years, with house prices experiencing both ups and downs. This analysis examines the trends in median house prices across Melbourne suburbs from 2017 to 2022.
In early 2017, the median house price in Melbourne stood at approximately $492,600. The market saw a steady increase throughout that year, reaching around $518,500 by December 2017.
The first half of 2018 continued this upward trend, with prices peaking at about $531,800 in June. However, a sharp decline followed, with prices dropping to around $467,500 by October 2018. This represents a decrease of over 12% in just four months.
The market rebounded quickly, with prices jumping back up to $533,300 by December 2018. Throughout 2019, prices remained relatively stable, hovering around the $530,000 mark with minor fluctuations.
From 2020 onwards, the market entered a period of sustained growth. By March 2021, the median house price had risen to approximately $580,000, and this upward trajectory continued. March 2022 saw prices reach a high of about $693,800, marking a substantial increase of over 40% from the start of 2017.
It’s important to note that these figures represent suburb-level aggregates and individual property values may vary significantly based on location, size, and other factors.
