Market conditions stabilise in Melbourne
The Melbourne property sector is becoming a buyer's market once again, with results from the last quarter showing conditions are stabilising.
According to the Real Estate Institute of Victoria (REIV), the September quarter median house prices revealed prices remain steady at $530,000 compared with the June quarter median of $525,000.
REIV chief executive officer Enzo Raimondo said while it was too early to call it a property revival, market conditions suggest that consumer sentiment is improving.
"A combination of lower interest rates, lower prices, an improving clearance rate and small improvements in consumer confidence should sow the seeds of a recovery in the residential housing market," Mr Raimondo said.
The middle and outer suburbs of Melbourne have shown the largest improvement, with an increase in prices by one per cent and 0.9 per cent respectively.
"The highest growth was recorded in Thornbury where the median has increased by 11.4 per cent to $750,000, in Yarraville with an 8.8 per cent increase to $615,000 and Preston which recorded an 8.2 per cent increase to $598,000," Mr Raimondo added.
Consumer confidence grew in the suburbs of Rowville, Greensborough, Croydon, Cranbourne and Mitcham, with prices rising over the quarter.