Growth strongest in middle suburbs
THE median price of a unit or apartment rose 2.8 per cent in the June quarter, from $452,000 to $464,500 in seasonally adjusted terms.
This was similar to the change for houses over the quarter but was less over the year, with a 5.7 per cent rise compared with 8.4 per cent.
This medium-term disparity in price growth will in part be due to the increased supply in the higher-density market.
A review of the market from a broad geographic perspective shows the strongest growth in the middle suburbs, where there was a 7.6 per cent increase in the past year compared with 4.8 per cent in the inner city and 1.7 per cent in the outer suburbs.
On a suburban basis the highest growth in prices on a quarterly basis was in Hawthorn, Bentleigh East, Doncaster East, Carlton and Elsternwick.
The most expensive units were found in Malvern, where the median price in the 12 months ending June was $987,500.
Beaumaris and Brighton were also above $800,000.
The most affordable units were found in Dandenong and Frankston, where the median price was below $300,000.
A comparison of prices by sales method showed the median price of houses sold by auction rose a small 0.7 per cent, compared with a 0.6 per cent drop for units and apartments sold that way.
It is important to understand that the unit and apartment classification includes not only flats and units but also townhouses.
This can have an impact on the median price because in some suburbs house-like prices are likely to be paid for well-constructed and appointed townhouses. Enzo Raimondo is chief executive officer of the Real Estate Institute of Victoria