Media Release
The Real Estate Institute of Victoria Ltd
Telephone (03) 9205 6666
ABN 81 004 210 897
Wednesday, 23 December, 2009
REIV releases details of the 2009 property market
The REIV has released results of 2009 property market, revealing the suburb in highest
demand, the suburb with the most sales and the street with the most sales.
REIV CEO Enzo Raimondo said that the second half of the year has been characterised by
strong demand for residential property driven by an improving economy, increasing
population, low interest rates and financial assistance for first home buyers.
“Over the last six months all the factors that are required for a strong property market were
present in Melbourne. This has resulted in suburbs right across the price ranges
experiencing strong demand and significant increases in price.
“The Victorian economy is performing well, population is growing and there is good
confidence about the future, factors which will ensure the 2010 property market commences
on a solid base.
“Strong demand has been recorded in both affordable and expensive suburbs, ensuring that
many vendors have achieved very good results, a trend that the REIV expects to see
continue in 2010 due to population growth and the constraints on supply.
“Financial assistance for first home buyers of established homes will drop by $3,500 on
December 31; however, unlike interest rate increases, this will not have a significant impact
on demand due to the overall strength of the market and the fact the assistance is not totally
disappearing,” Mr Raimondo concluded.
Property market key statistics
22,586 auctions held; 81 per cent clearance rate, compared to 63 per cent last year
18,364 sold at auction – totalling $12.1 billion
20 per cent more homes sold than in 2008, but still 10 per cent less than in 2007
A peak clearance rate of 87 per cent reached on the 27–28 June
The greatest number of homes sold at auction on one weekend was 867, on 12–13
December
Rental vacancy rate for Melbourne between 1.2 and 1.5 per cent over the year
Top five streets for sales in 2009
St Kilda Rd, Melbourne:197 sales
Nepean Hwy, Frankston: 102 sales
City Rd, Southbank: 97 sales
Kavanagh St, Southbank: 73 sales
Queens Rd, Melbourne: 70 sales
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The Real Estate Institute of Victoria
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Media Release
Top five suburbs for all sales
Reservoir: 1229 sales
Richmond: 1102 sales
Frankston: 977 sales
Melbourne: 963 sales
St Kilda: 896 sales
Five suburbs with highest number of auction sales
Richmond: 432 auction sales
Reservoir: 385 auction sales
St Kilda: 301 auction sales
Glen Iris: 293 auction sales
South Yarra: 271 auction sales
Five suburbs with highest increase in median price (all dwellings) 2009 compared to
2008
East Melbourne: 41 per cent increase in median
Eaglemont: 29 per cent increase in median
Dallas: 27 per cent increase in median
Toorak: 21 per cent increase in median
Footscray: 20 per cent increase in median
The REIV December quarter median prices will be released in mid to late January 2010
MEDIA COMMENT:
Robert Larocca, 9205 6622 or 0409 198 350
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