House Prices Continue To Slowly Rise
The REIV House Price Index for May recorded a 1.4 per cent increase in the month. Whilst the index remains below its peak this is the eight consecutive month of increases and provides further confirmation of the rising market.
It should be noted that the appreciation being recorded has been moderate in contrast to the last improving cycle in 2009 and 2010.
The Unit Price Index also improved for the third consecutive month, this time increasing by 0.9 per cent. This is the highest level for the UPI since this time last year. The overall improvement in the unit and apartment market is more moderate than that for houses which is a reflection of the higher levels of supply in this segment across the city.
The clearance rate for the May was 70 per cent compared to 68 per cent in April. To review the 5 year graph of clearance rates and volumes click here.
Further details on these issues and a range of related matters relevant to the local property market will be available tomorrow afternoon when the REIV June Research Bulletin is released. The Bulletin is free to REIV Members as a pdf publication and can be purchased by the public as either a pdf or in excel format.
|Nominal Price Index, Melbourne||Houses||Units|