Melbourne unit prices are still rising – Apartment Glut anyone?

Melbourne unit prices continue to rise debunking recent nonsense heralding the spectre of a local market apartment glut.

Latest My Housing Market data reveals the median price for published Melbourne unit auctions surged by 8.5% over the March qtr compared to the same period last year.

Melbourne recorded a median unit auction price of $635,000 over the first 3 months of this year compared to a median of $585,000 over the March qtr a year ago.

In another reflection of relative market strength, March qtr published auctions clearance rates for Melbourne units have only marginally weakened over the past year, down from 73.0% to 71.4%.

The Melbourne unit market has clearly outperformed the house market with the March qtr median published auction price recorded for houses falling over the year by 6.0% to $885,000.

The house clearance rate was down sharply over the year, falling from 81.7% to 66.3%.

Melbourne’s north east and west regions recorded the top auction price growth for units over the past year up by 27.7% to $600,000 and 23.2% to $517,500 respectively over the March qtr.

These strong unit results follow the latest ABS data that reported Melbourne unit price growth of 4.2% over 2017.