During the housing market boom of 2020-21, influenced by the pandemic, Melbourne had one of the largest increases in value.
After a 17.3% increase since the pandemic, our experts buyers agency Melbourne realized that Melbourne home prices reached their high in February this year, following closely on the heels of Sydney.
A-Grade homes and “investment grade” properties are still in limited supply for the current demand, while B-Grade properties are taking longer to sell and savvy purchasers are avoiding C-Grade properties around the city.
Our Elite Buyers Agents investment property strategies makes winning the only option for our clients. We make property buyers benefit both from on and off market properties. Our buyers agent strategies are unique and they produce the desired results.
One thing we will make clear is that, don’t focus so much on noise in the media and around you, first try to reach out to your buyers agent, real estate agent, or your buyers advocate in whatever way they are to you. To find out the market situation and how to profit from it.
Median property prices in Melbourne are highest in the following areas:
For houses, reports from buyer’s agents property business engagements shows that the median price in Melbourne was $924,492 in November, down 0.9% from October, while the median price of an apartment decreased by 0.6% to $597,533. House prices fell by 3.6% over the quarter, while condo prices fell by 2%.
Meanwhile, Melbourne property market has seen annual price drops of 6.7% for houses and 3.1% for apartments over the past year.
The good news is that although preliminary auction clearing rates in Melbourne dropped early this year, they have since stabilised in the mid to high 60s, meaning that around six out of ten property buyers and selling agent are reaching an agreement on purchasing property.
Below are Melbourne areas Median property prices, as compiled by our qualified property investment advisor:
Toorak: $5.30m
Melbourne buyer’s agent thinks it should come as no surprise that Toorak, one of Melbourne’s most exclusive and affluent districts, is once again the leader in terms of property values.
Toorak, situated five kilometres south-east of the central business district, is home to a variety of high-end real estate options. Although rent is at an average of $1,100 per week, the typical home price is a stunning $5.3 million (down 7.8% year over year).
The average weekly rent is $485, bringing the total value of the units to around $1.07 million (up 13.6% from last November).
Kooyong: $3.4 million
Located around 7 kilometres south-east of the central business district, Kooyong is a tiny neighbourhood teeming with apartment buildings, parks, ovals, and fields. Kooyong has a typical home price of $3.4 million, with rents averaging $900 per week despite a lack of interest from buyers due to a limited housing supply.
At a median price of $949,000, the average investment property here costs roughly $582 per week to rent, making it the most expensive neighbourhood on this list.
Brighton: $3.37 million
Brighton is located 11 kilometres from Melbourne’s central business district and ranks as the city’s fourth most expensive neighbourhood. Beaches and high-end Victorian and Gregorian mansions have made this region famous. Right now, the average weekly rent is $1,180, while the typical property price is $3.37 million.
The average weekly rent is $567, while the median price of a unit is $1.19 million. Over the past year, these median prices have increased by 0.7% for homes and 8.4% for apartments.
Canterbury: the price tag comes in at $3.35 million.
Located between Balwyn and Camberwell, Canterbury is home to some of Melbourne’s oldest schools and some of the city’s most storied homes. Houses average $3.3 million, while condos cost $975,500 on average. In comparison, condo prices have dropped 17.3% over the last year. House prices are up 1.5% over the past year.
House rentals average $980/week while apartment rentals cost $500/week.
$3.69 million for East Melbourne
Located just 2 kilometres from Melbourne’s central business district, the wealthy neighbourhood of East Melbourne combines city amenities with easy access to parks and open space. Apartments and majestic Victorian terraces dating back to the city’s early years may be found here.
The average weekly rent for a property is an amazing $985, while the typical house price is roughly $3.69 million. The median price of an apartment is $859,000 (up 11.9%), while the typical weekly rent is $480.
$3.28 million for Malvern
Malvern, which is roughly 10 kilometres south-east of the city centre, offers pricing that are comparable to Balwyn. While the typical home price has increased by 13.2 percent to $3.28 million, the median condo price has decreased by 1.6 percent to $743,000 in recent years. For homes, you can expect to pay roughly $880 per week in rent and for apartments, $417.
Balwyn: $2.86 million
Balwyn is a neighbourhood in Melbourne, Australia, that is not too far from Camberwell and is filled with elegant houses, beautiful gardens, and charming eateries. The typical price of a home is $2.86 million (up 7.3% year over year), or around $790 per week if you were renting rather than buying.
Balwyn apartments are quite inexpensive, with a median price of $915,500 (up 7.9% year over year) and an average rent of $430 per week.
Kew – $2.8m.
Kew, located 5–6 kilometres east of the city centre, is another neighbourhood that provides quick and simple tram access to the heart of the action. Homes built in the Victorian and Edwardian eras are highly sought for and command high prices despite the citywide price decline.
Homes cost around the same as they do in Camberwell, with a median sale price of $2.8 million for a house and an average sale price of $887,250 for a unit. That’s an annual rise of 7.7% for homes and a decrease of 5.1% for condos. Houses typically rent for $800/week while apartments cost approximately $450/week.
$2.7 million for Middle Park
About three kilometres outside of the central business district lies the bayside neighbourhood of Middle Park. The high cost of land is a direct result of the government’s efforts to limit further construction there.
The typical price of a home is $2.75 million, while the median price of an apartment is $787,000, a huge price difference. That is a decline of 8.3 percent year over year for single-family homes and a decline of 22.1 percent year over year for condominiums. Houses rent for around $850/week, while apartments go for around $440/week.
The Price of $2.6 million for Camberwell.
Camberwell, around 10 kilometres east of Melbourne’s central business district, is the tenth most expensive suburb in the city. It’s great for families because it has its own lengthy retail strip and easy access to the city via tram.
Although median home and unit prices have decreased over the last year, they are still rather high at $2.6 million for houses and $898,000 for units, a rise of 4% and 5.6% annually. Rent for a house will run you approximately $850 per week, while an apartment would set you back about $460.
Conclusion
To know the best timing for the right property in the Melbourne property market, and when to take the best opportunity in property purchase, our buyer’s agent recommends that you follow the right approach for your dream property. Contact the best Melbourne buyers agency for the best results.
At buyers agency Melbourne, we always have the interest of our clients at the centre of our operations. Working with our experts at Buyers Agency Melbourne, you can be rest assured you are getting the best deals.
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