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State of Markets – VIC December 2011

01 DEC 2011 • By Phillip Tarrant • 2 min read • Hotspots

Essential information, plus expert insight on what is shaping the national property market...

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VICTORIA

Fast Figures

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  • $422,150 – median unit price, Melbourne
  • $470,000 – median house price, Melbourne

Investors shunning Victorian property market
Investors have been reluctant to jump back into the Victorian housing market, a leading property survey has found.

The NAB Group Quarterly Australian Property survey for September found that investors were least active in Victoria and South Australia/Northern Territory, with 18 per cent and 17 per cent of activity in Australia respectively.

Owner occupiers were pushing most of the demand, at 52 per cent, the survey found.

According to the study, developers are also set to suspend larger projects for the next six to 18 months, with building set to resume in 2013.

Houses and apartments below $500,000 are expected to be the top performers in terms of capital growth, the survey found.

Deer Park bucks the trend
Melbourne’s Deer Park has experienced the greatest median house price increase of the metropolitan suburbs, according to latest figures from the Real Estate Institute of Victoria (REIV).

The statistics show an 11 per cent price jump over the past quarter.

By contrast, house prices in the neighbouring suburb of Cairnlea fell by 25 per cent.

The Melbourne region overall has experienced a fall of 2.8 per cent in the past quarter.

“The 2.8 per cent reduction on the revised median house price largely reverses the small gains of the June quarter and confirms that, overall, there has been very little capital growth over the past 12 months,” REIV chief executive Enzo Raimondo said.

The REIV report also found Melbourne’s outer suburbs had more success than the inner suburbs when it came to sales, with decreasing demand at the top of the market.

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Windsor, Prahran and Port Melbourne dropped to median prices that at September sat below $880,000, while Caroline Springs increased by six per cent in same period.

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Phillip Tarrant

Phillip Tarrant

AUTHOR

Phillip Tarrant is one of Australia’s leading property commentators, with more than a decade at the forefront of conversations shaping the nation’s property investment market.

As the long-time host of the Smart Property Investment Show and a regular commentator across property, finance and business, Phillip has interviewed thousands of investors, economists, advisers, brokers, agents and industry leaders, giving him a unique perspective on the trends, policies and market forces influencing Australian property.

Beyond property commentary in the media, Phillip is an active property investor himself, with first-hand experience building and managing a diversified property portfolio across multiple markets and cycles. His insights combines this practical investor perspective with deep exposure to the broader property and financial services ecosystem.

Phillip is also CEO and co-founder of Managed, an Australian property payments and technology platform transforming the way property managers, landlords and tenants manage rental payments and property transactions.

Through his writing, podcasts and industry engagements, Phillip focuses on cutting through market noise, challenging conventional thinking and helping investors make more informed, strategic decisions. His commentary regularly explores property markets, lending, taxation, regulation, investment strategy and the changing dynamics of Australia’s housing sector.

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