• Urban IQ: Property Market Update Report

    2018-02-14

    Urban IQ: Property Market Update Report

    The latest Urban IQ covering the December 2017 quarter has been released. 

    The comprehensive overview of the Victorian property market shows that over the December 2017 quarter: 

    • The median land price rose to $302,872 (+5.2% from the previous quarter and +28.5% from the corresponding quarter a year earlier)
    • The number of employed persons rose strongly with annual growth at 4.60% 
    • The total value of new owner occupier loans escalated by 15.0%
    • The number of loans attributed to first home buyers reached 9,892 loans, which was a substantial 39.7% higher than first home buyer loans in the same period in 2016
    • Victoria recorded a long term high of 22,241 dwelling approvals, representing a significant escalation of 34.5% on dwelling approvals in the same quarter in 2016. A considerable 103% annual surge in approvals of flats/units/apartments in buildings of 4 storeys and higher in December quarter 2017 to 8,931 dwellings was primarily responsible for the long term high in total dwelling approvals. It should be noted that these are approvals and as such there is no certainty that they will turn into commencements
    • Property prices in Melbourne have trended upwards since the middle of 2013, with detached houses achieving stronger growth than units
     

    Click here to read the Urban IQ December 2017 Quarter Report in English.

    Click here to read the Urban IQ December 2017 Quarter Report in Mandarin.