By Robert Larocca

Melbourne dwelling values show variable but moderate growth in 2014

According to the RP Data Rismark June home value results released today, Melbourne dwelling values rose by 1.8 per cent over June but are still lower over the quarter with a 2.4 per cent fall. This further highlights some very short term variability against a stable background with a 2.9 per cent rise over the first half of the year.

Melbourne is showing all the signs of a stable but shallow growth phase with a 14.2 per cent rise over this cycle.

The market is well-placed for spring, well ahead of any of the previous three years.

The data shows that this is less of a roller coaster ride than the last two cycles in 2007 and 2010 and is therefore likely to be more sustainable.

House values rose by 1.7 per cent in the month and by 3.3 per cent this year compared to a rise of 2.7 per cent for units which have shown zero growth this year.

The median sale price from settled sales in the quarter was $630,000 for houses and $468,000 for units.

Robert Larocca
RP Data Victoria Housing Market Specialist

Source: RPD

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