Over the March quarter of 2013, the four main housing data providers – the ABS, RP Data-Rismark, APM, and Residex – all reported price growth for Melbourne, ranging from 0.1% (ABS) to 2.5% (RP Data).
The Victorian Valuer General has released its Victorian Property Sales Report for the March quarter, which comprises around 93% of all sales recorded throughout the state in the three months to March and 98% in the three months to December 2012, “making it the most comprehensive and authoritative property information available”.
According to the Valuer General Report, median Melbourne house prices fell by a significant 5.4% over the March quarter, with unit values also falling by a more moderate 2.3%. In the year to March 2013, Melbourne house prices rose by only 0.4%, wheres unit values decreased by 0.6%, and vacant land values fell by 2.3% (see below table).
The number of house sales across Melbourne is also predicted to have fallen by 15.5% over the March quarter, although they are likely to be up 1.6% over the year.
While the Valuer General’s house price results would appear to place a question mark over those published by the other data providers, it should be kept in mind that they represent a simple median only, which does not take account of changing sales composition in the same way that the other data providers do, which can bias the Valuer General’s results up or down depending on the type of homes sold.
Certainly, when one looks at the gamut of housing statistics – from housing finance to auction results – prices across Melbourne do appear to be rising, albeit most likely at a fairly moderate pace.
