Four successive rate rises have taken their toll on Melbourne’s property market, Real Estate Institute of Victoria (REIV) data has revealed.
According to REIV CEO Enzo Raimondo the median home price in Melbourne for the March quarter was $432,500 – 8.4 per cent down from the December quarter.
“It appears the RBA’s strategy has had the desired effect on residential property and any further increases should not be necessary in the short-term,” Mr Raimondo said.
Mr Raimondo said the greatest impact had been in the more expensive suburbs of Melbourne while regional centres had defied the city trend: Ballarat recorded 2.1 per cent growth; Bendigo 5.3 per cent.
While Melbourne’s prices did fall, Mr Raimondo said the change had seen the property market return to a stable and sustainable level.
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