Since the first interest rate increase in May 2022, consecutive cash rate increases have been announced by RBA. The impacts on homeowners, buyers looking to enter the market and the property market is gradually being exposed. Below are a few suburb profiles produced by REIV, comparing Melbourne’s residential property sale prices for the quarter ending in June 2022. Next quarter, we can expect to see more concrete changes in the property market.
Deer Park
Median Sale Price: $746k
$635,000 for 3 bedrooms
$730,000 for 4 bedrooms
Quarterly Price Change: 9.7%
Median Rent: $388/week
$375/week for 3 bedrooms
Days on Market: n/a
St Albans
Median Sale Price: $688k
$587,550 for 2 bedrooms
$685,000 for 3 bedrooms
$790,500 for 4 bedrooms
Quarterly Price Change: -0.7%
Median Rent: $360/week
$330/week for 2 bedrooms
$360/week for 3 bedrooms
$410/week for 4 bedrooms
Days on Market: 51 days
Sunshine
Median Sale Price: $870k
$878,500 for 3 bedrooms
$1,085,000 for 4 bedrooms
Quarterly Price Change: -1.1%
Median Rent: $385/week
$385/week for 3 bedrooms
Days on Market: 84.5 days
Tarneit
Median Sale Price: $665k
$560,000 for 3 bedrooms
$664,500 for 4 bedrooms
Quarterly Price Change: 0.7%
Median Rent: $380/week
$370/week for 3 bedrooms
$400/week for 4 bedrooms
Days on Market: 34 days
Thornhill Park
Median Sale Price: $600k
$656,000 for 4 bedrooms
Quarterly Price Change: n/a
Median Rent: $393/week
$395/week for 4 bedrooms
Days on Market: n/a
View the full list of suburbs here.
Date revised: 12 August 2022