- Comprehensive data is drawn from 93% of all settled sales in Victoria
- Victoria's median house price fell by 7.3% during Sep 2020 quarter
- Country Victoria , however, recorded growth in median house prices
The Victorian Government has released the Victorian Property Sales Report for the September 2020 quarter, which has revealed the median house price in Victoria declined during the September quarter.
Though it seems rather late to be announcing this data, the Government argues this is the most comprehensive quarterly data available, given it represents 93% of settled sales in Victoria and is based on official Notices of Acquisition.
It comes from the Valuer-General of Victoria’s office, which is responsible for gathering land valuations in the state.
Specifically, Victoria’s median house price decreased by 7.3% during the September quarter from $620,000 to $574,900 after recording no change in the previous quarter, June 2020.
Units recorded a fall of 5% from $558,000 to $530,000, although they recorded a 1.5% increase over the June quarter.
In terms of the Melbourne market, the median house decreased by 1.4% to $725,000 with units increasing slightly by 0.2% to $585,000.
During the 12 months to September 2020, median sales prices increased by 1.9% and 2.5% for houses and units respectively.
Country Victoria, however, enjoyed solid growth all around.
The median house price increased to $410,000, a 2.8% increase with units increasing by 0.9% to $315,000. Over the 12 months to September 2020, median sale prices increased by 7.9% for houses and 5.6% for units.
Notably, ten localities recorded no change whilst 156 showed a decrease and 350 had insufficient sales to report on.
Pakenham, a satellite suburb of Melbourne about 50 kilometres south-east of the CBD, had the highest number of house sales during the September quarter at 171. Eight locations had 100 or more sales during the September quarter too.