House Prices

Real estate experts are tipping suburbs in Melbourne’s west and Melbourne’s north as the ones to look out for this year.

Capital city house prices for the quarter have risen 2.3 per cent and 10.7 per cent for the last 12 months, according to the latest figures from CoreLogic.

Melbourne’s house prices have grown consistently for the last four years and its median house price now sits at $795,447 with further moderate growth predicted for 2017.

An unexpected surge in property prices in December has seen Melbourne’s housing market finish the year 13 per cent higher in value than when it started.

As most pundits are probably aware, Melbourne’s house prices are predicted to slow again next year, with the median house price growth expected to be around half of what it was this year.

Unlike the other cities around the country, Melbourne house prices fell 1.3 per cent for the month of November, with apartment prices falling even further, dropping by 3.2 per cent.

Melbourne and Sydney’s median house prices both pushed up to new highs for the September quarter amid ongoing low interest rates and solid local economies.

Melbourne property prices jumped 1.5 per cent in the June quarter to set a new median house price record.

House price growth will halve in Melbourne for the rest of the year according to a leading economist.

Capital growth in property is most often what matters when it comes to investment so buyers want to get in just before a suburb surges in value to reap the benefits.