House and apartment prices in some inner Melbourne suburbs fell by as much as 18 per cent over the year to June, new data shows, while in areas further from the city, prices rose by more than a third. | heagney_melissa and TawarRazaghi
The median house prices has fallen in some affluent inner Melbourne suburbs over the past year such as Toorak, Armadale, Brighton and Hawthorn.Price falls are making some buyers nervous, preferring to wait and buy later.
Unit prices also fell in some suburbs. In the inner west, Maidstone unit prices fell 18.5 per cent to a median $476,500. Nearby Yarraville’s median unit price was also down by 12.2 per cent over the year. Vendors should not panic, she said, as property prices in many suburbs will remain above levels reached before the pandemic hit. Melbourne’s median house price jumped 24 per cent between June 2020 and December 2021.Paul Rovere
“The downturn in dwelling prices will broaden and deepen,” Deda said. “We anticipate that the RBA will increase the cash rate by 50 basis points [next Tuesday]. We wouldn’t completely rule out 75 per cent.”Jellis Craig Eltham director and auctioneer Scott Nugent, who sells in Lower Plenty, said the number of attendees at open for inspections had dropped from more than 10 to an average of 3.5.
“For my budget, I’m looking to buy a flat or an apartment,” Silva said. “I’d like to buy, but I don’t know if that’s possible if more people are interested.”
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