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Melbourne property market conditions remain strong

By Matt Hurlston

Mixed conditions can be seen in the nation's property market at the moment, but it seems that Melbourne is one of the standout performers. Releasing details of the May CoreLogic RP Data Hedonic Home Value Index, head of research Tim Lawless said some capitals are contributing to a negative monthly growth figure – but Melbourne isn't one of them.

The city has witnessed a nine per cent year-on-year rise in dwelling values, bringing the median dwelling price to $569,500. This has generated total gross returns of around 12.7 per cent, making them the second-highest in the whole of Australia.

"Other market indicators are also pointing to stronger conditions for the Sydney and Melbourne housing markets with auction clearance rates remaining at or close-to record highs throughout May along with low advertised stock levels across the largest cities," commented Mr Lawless.

Detached house price growth has been especially strong in Melbourne, CoreLogic RP Data revealed, as values are now 9.8 per cent higher than 12 months ago. This compares to just a 2.9 per cent increase in unit values.

Mr Lawless emphasised that strong economic conditions are also helping to buoy the city at the moment. New homes are constantly coming onto the market, opening up the options to anyone with their eye on property in Bentleigh.

Earlier this month, the Housing Industry Association reported that detached housing approvals had reached a five-year high across the country. Commenting on official data from the Australian Bureau of Statistics, the group suggested that the results point towards a broader based construction sector recovery.

Until now, building activity had mainly been concentrated in the multi-unit segment, but this seems to no longer be the case.

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