My Melbourne Real Estate

The number of houses sold in Melbourne last year was the lowest since the mid-1990s, according to new figures from Land Victoria. Its Annual Guide to Property Values shows that 53,112 houses were sold in Melbourne last year, a fall of 13.35 per cent on 2009. It is a far cry from 2001, when the market was at its peak with 70,137 houses sold. Despite the fall in numbers, median prices and total values still rose. Victorian Valuer-General Robert Marsh said the total value of sales of all property in Victoria increased 1.4 per cent from $74.62 billion in 2009 to an estimated $75.68 billion last year. In Melbourne, the median jumped 18 per cent from $420,000 in 2009 to $495,000 last year. In general terms, for the past 10 years house prices have continued to grow, with Melbourne’s median house price rising 160 per cent – from $190,000 to $495,000 – between 2000 and 2010. The total number of units and vacant house block sales also fell last year. More than 25,000 units were sold in Melbourne, the lowest since 2004, while 12,473 house blocks were sold, a 43 per cent decline on 2009. It was the lowest number of vacant house blocks sold since 1996. Unit/apartment median prices in metropolitan Melbourne rose 12.6 per cent compared with 5.5 per cent for unit/apartment prices in country Victoria. Metropolitan house block prices rose $20,000 to $185,000. NEW APARTMENT COMPLEX The north end of the CBD is the latest Melbourne area to become home to a new apartment complex. Fulton LN is a 700-apartment project from Malaysian company S.P. Setia, set in Fulton Laneway between Franklin and A’Beckett streets. In its first foray into Australia, the company said the 107m tall building would deliver a mix of residential, commercial and retail tenancies. The distinctive architecture by acclaimed Karl Fender (FKA, Melbourne) offers one, two and three-bedroom apartments, a green arbour facade, garden terrace, gymnasium, pool, theatrette and an exclusive entertaining and dining space inspired by Melbourne chef Adam D’Sylva. Like most new developments, the environment is high on the agenda, with bicycle facilities, grey-water recycling, a water tank, natural ventilation, green wall and an average six-star energy rating. Prices start at $370,000 for one bedroom at 45sq m, $515,000 for a two-bedroom starting at 60sq m and $1,050,000 for three-bedroom dwellings starting at 115sq m. Details: www.fultonlane.com.au MORE FIRST-HOME BUYERS A softer housing market and stable interest rates are luring more first-home buyers into the market, according to mortgage broker Loan Market. Spokesman Paul Smith said 35 per cent of the company’s inquiries last month came from first-home buyers, a 10 per cent increase on May. “We have gone eight months without an interest rate rise and this has not only given a much-needed reprieve to households dealing with increased costs of living, but has encouraged those looking to purchase their first home,” he said. Mr Smith said Loan Market’s inquiries from investors were up 20 per cent in [...]