{"id":33791,"date":"2021-08-07T14:51:25","date_gmt":"2021-08-07T02:51:25","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=33791"},"modified":"2021-08-07T14:51:25","modified_gmt":"2021-08-07T02:51:25","slug":"melbourne-unit-market-to-rise-beyond-record-price-levels","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/melbourne-unit-market-to-rise-beyond-record-price-levels\/","title":{"rendered":"Melbourne unit market to rise beyond record price levels"},"content":{"rendered":"<p><strong>PHOTO: Mia Jardon and Brent White with daughter, Florence outside their unit which is up for sale.\u00a0<span class=\"photographer\">Photo:\u00a0Stephen McKenzie<\/span><\/strong><\/p>\n<p>Melbourne\u2019s unit prices are at a record high but are set to blow out even further this year as young buyers abandon their dreams of a house and turn to apartments instead.<\/p>\n<p class=\"p1\"><a href=\"https:\/\/propertynoise.co.nz\/au\/?s=Melbourne&amp;submit=Search\">Melbourne<\/a>\u2019s\u00a0median house price soared past $1 million in the June quarter, defying the pandemic to set a record and raising fresh fears over housing affordability.<\/p>\n<p>Units also hit a record price, rising to a median of $572,793.<\/p>\n<p>While the cost of a unit sits at nearly half that of a house, experts say affordability issues will force many in the market, particularly first-home buyers, to purchase apartments rather than houses, which will then drive unit prices higher again.<\/p>\n<p>Domain chief of research and economics Nicola Powell said the higher house prices climbed, the more demand would flow into units.<\/p>\n<p>\u201cSome people are forced to buy a unit in their designated suburbs,\u201d Dr Powell said. \u201cIt\u2019s about them getting that first rung on the ladder and it has to be a unit because house prices are so high.\u201d<\/p>\n<p>All but two of the Melbourne regions registered unit price increases over the past year, particularly in the north-east (up 8.5 per cent) and the outer-east (up 8.3 per cent). Units on the Mornington Peninsula skyrocketed by 18.7 per cent over the year to June.<\/p>\n<div class=\"embed_table has-title\">\n<div class=\"embed_table_title\">Unit price rises and falls \u2013 Melbourne<\/div>\n<table width=\"638\">\n<colgroup>\n<col width=\"232\" \/>\n<col width=\"172\" \/>\n<col span=\"2\" width=\"96\" \/><\/colgroup>\n<tbody>\n<tr>\n<td class=\"xl66\" width=\"232\" height=\"24\" data-sheets-numberformat=\"[null,3,&quot;0.0%&quot;]\">Region<\/td>\n<td class=\"xl67\" width=\"172\">Median unit price<\/td>\n<td class=\"xl67\" width=\"96\">QoQ<\/td>\n<td class=\"xl67\" width=\"96\">YoY<\/td>\n<\/tr>\n<tr>\n<td class=\"xl63\" height=\"24\">South East<\/td>\n<td class=\"xl64\" align=\"right\">$505,000<\/td>\n<td class=\"xl65\" align=\"right\" data-sheets-numberformat=\"[null,3,&quot;0.0%&quot;,1]\">5.40%<\/td>\n<td class=\"xl65\" align=\"right\" data-sheets-numberformat=\"[null,3,&quot;0.0%&quot;,1]\">2.40%<\/td>\n<\/tr>\n<tr>\n<td class=\"xl63\" height=\"24\">Outer East<\/td>\n<td class=\"xl64\" align=\"right\">$650,000<\/td>\n<td class=\"xl65\" align=\"right\" data-sheets-numberformat=\"[null,3,&quot;0.0%&quot;,1]\">3.50%<\/td>\n<td class=\"xl65\" align=\"right\" data-sheets-numberformat=\"[null,3,&quot;0.0%&quot;,1]\">8.30%<\/td>\n<\/tr>\n<tr>\n<td class=\"xl63\" height=\"24\">Mornington Peninsula<\/td>\n<td class=\"xl64\" align=\"right\">$558,000<\/td>\n<td class=\"xl65\" align=\"right\" data-sheets-numberformat=\"[null,3,&quot;0.0%&quot;,1]\">2.40%<\/td>\n<td class=\"xl65\" align=\"right\" data-sheets-numberformat=\"[null,3,&quot;0.0%&quot;,1]\">18.70%<\/td>\n<\/tr>\n<tr>\n<td class=\"xl63\" height=\"24\">Inner<\/td>\n<td class=\"xl64\" align=\"right\">$581,500<\/td>\n<td class=\"xl65\" align=\"right\" data-sheets-numberformat=\"[null,3,&quot;0.0%&quot;,1]\">1.10%<\/td>\n<td class=\"xl65\" align=\"right\" data-sheets-numberformat=\"[null,3,&quot;0.0%&quot;,1]\">2.00%<\/td>\n<\/tr>\n<tr>\n<td class=\"xl63\" height=\"24\">Inner South<\/td>\n<td class=\"xl64\" align=\"right\">$659,000<\/td>\n<td class=\"xl65\" align=\"right\" data-sheets-numberformat=\"[null,3,&quot;0.0%&quot;,1]\">-0.30%<\/td>\n<td class=\"xl65\" align=\"right\" data-sheets-numberformat=\"[null,3,&quot;0.0%&quot;,1]\">4.90%<\/td>\n<\/tr>\n<tr>\n<td class=\"xl63\" height=\"24\">West<\/td>\n<td class=\"xl64\" align=\"right\">$473,250<\/td>\n<td class=\"xl65\" align=\"right\" data-sheets-numberformat=\"[null,3,&quot;0.0%&quot;,1]\">-1.30%<\/td>\n<td class=\"xl65\" align=\"right\" data-sheets-numberformat=\"[null,3,&quot;0.0%&quot;,1]\">5.60%<\/td>\n<\/tr>\n<tr>\n<td class=\"xl63\" height=\"24\">North East<\/td>\n<td class=\"xl64\" align=\"right\">$560,000<\/td>\n<td class=\"xl65\" align=\"right\" data-sheets-numberformat=\"[null,3,&quot;0.0%&quot;,1]\">-2.60%<\/td>\n<td class=\"xl65\" align=\"right\" data-sheets-numberformat=\"[null,3,&quot;0.0%&quot;,1]\">8.50%<\/td>\n<\/tr>\n<tr>\n<td class=\"xl63\" height=\"24\">Inner East<\/td>\n<td class=\"xl64\" align=\"right\">$655,000<\/td>\n<td class=\"xl65\" align=\"right\" data-sheets-numberformat=\"[null,3,&quot;0.0%&quot;,1]\">-3.70%<\/td>\n<td class=\"xl65\" align=\"right\" data-sheets-numberformat=\"[null,3,&quot;0.0%&quot;,1]\">-1.50%<\/td>\n<\/tr>\n<tr>\n<td class=\"xl63\" height=\"24\">North West<\/td>\n<td class=\"xl64\" align=\"right\">$515,000<\/td>\n<td class=\"xl65\" align=\"right\" data-sheets-numberformat=\"[null,3,&quot;0.0%&quot;,1]\">-6.40%<\/td>\n<td class=\"xl65\" align=\"right\" data-sheets-numberformat=\"[null,3,&quot;0.0%&quot;,1]\">-3.70%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<div class=\"embed_table_footer\"><strong>Source: Domain House Price Report, June quarter, 2021.<\/strong><\/div>\n<\/div>\n<p>READ MORE VIA <a href=\"https:\/\/www.domain.com.au\/news\/melbourne-units-predicted-to-rise-beyond-record-levels-despite-the-pandemic-1078141\/\">DOMAIN<\/a><\/p>\n<p>https:\/\/www.instagram.com\/p\/CSLAmbGB0y4\/?utm_source=ig_web_copy_link<\/p>\n","protected":false},"excerpt":{"rendered":"<p>PHOTO: Mia Jardon and Brent White with daughter, Florence outside<span class=\"more-link\"><a href=\"https:\/\/propertynoise.co.nz\/au\/melbourne-unit-market-to-rise-beyond-record-price-levels\/\">Read More &rarr;<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":33792,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[461747081],"tags":[478098573,478114683,478098512,478113992,478098521,478108015,478117254,478098566,478098519,478098535,478098537,478114981,478102478,478100203,478111618,478102914,478115608,478099369,478102292,478110658,478117252,478117253,478101225,478100939,478098513,478101743,478098873,478098579,478098510,478098511,478098533,478098509],"class_list":["entry","author-data123nz","post-33791","post","type-post","status-publish","format-standard","has-post-thumbnail","category-australian-property-real-estate-news","tag-apartment","tag-aussie-house-price-boom","tag-australia","tag-australian-apartments","tag-australians","tag-central-melbourne","tag-domain-chief-of-research-and-economics","tag-first-home-buyers","tag-home-ownership","tag-house-prices","tag-melbourne","tag-melbourne-apartment-buildings","tag-melbourne-apartments","tag-melbourne-auctions","tag-melbourne-buildings","tag-melbourne-cbd","tag-melbourne-estate-agent","tag-melbourne-house-prices","tag-melbourne-properties","tag-melbourne-real-estate-agents","tag-melbourne-unit-market","tag-melbournes-median-house-price","tag-mornington-peninsula","tag-nicola-powell","tag-property","tag-property-correction","tag-property-investment","tag-property-market","tag-property-news","tag-real-estate","tag-real-estate-agent","tag-real-estate-news"],"yoast_head":"<!-- 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