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Melbourne’s median house price increases 1.4 per cent in 2018

Melbourne’s median house price increases 1.4 per cent in 2018

The Real Estate Institute of Victoria’s latest data reveals that Melbourne’s median house price increased 1.4 per cent to $826,500 (from $815,000) and the unit price increased 1.8 per cent to $597,000 (from $586,500) in the 2018 calendar year.

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Victoria’s newest and most accurate Residential Market Index

Victoria’s newest and most accurate Residential Market Index

Victoria’s peak professional association for the real estate industry today revealed its Residential Market Index (RMX): a new tool to measure property price trends.

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  • Is PropertyData only for real estate agents?
    PropertyData is not just for real estate agents, it is also a valuable tool for other enterprises in the real estate industry, including valuers, buyers agents, developers and property consultants.
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    PropertyData is accessible in any up-to-date web browser, including on devices like laptops, desktop PC's and tablets. In addition, the PropertyData iOS app allows you to generate CMA reports on-the-go using your preferred Apple device.
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    Yes, you must contribute your results to PropertyData if you are a subscriber. This gives you access to more complete information when creating reports. By reporting to PropertyData, you are also reporting to the REIV who publish your results to various media outlets. You also have the option of reporting your results as undisclosed to respect the wishes of vendors who don’t want you to disclose their information.
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    PropertyData gives you access to results and data reported regularly from more than 1,550 Victorian REIV Member agencies and PropertyData subscribers, online listings portals and State and Federal government departments including the Victorian Valuer-General.


  • Application Programming Interface (API)
    An Application Programming Interface, or API, is a set of functions and procedures that allow the creation of applications which access the features or data of an operating system, application, or other service.
  • Auction
    An auction is a public sale, usually conducted by an estate agent acting as an auctioneer, and governed by strict rules. The auction is advertised for a specific place, time and date. Prospective buyers bid and the property is offered to the highest bidder. Source: CAV


  • Clearance rate
    A clearance rate is used as an indicator of market sentiment. It is the total of the properties sold before the auction, at the auction or the day after the auction divided by the number of auctions reported that day. For instance, if one property is sold before the auction, six are sold at auction and one sold the day after the auction and 10 properties were listed, the clearance rate is 80%.
  • Comparative Market Analysis (CMA)
    Comparative market analysis is an examination of the prices at which similar properties in the same area recently sold or were rented. Real estate agents perform a comparative market analysis for their clients to help them determine a price to list when selling a home or a price to offer when buying a home.


  • Easement
    An easement is a right held by someone to use land belonging to someone else for a specific purpose. Common examples of easements are drainage, sewerage and carriageway easements.


  • House
    Property that falls under the ‘house’ classification includes: detached houses terraced houses semi-detached houses residential warehouse conversions holiday houses duplexes


  • Median price
    The median price is the middle price in a series of sales. For example, if 15 sales are recorded in a suburb and arranged in order from the lowest to the highest value, the eighth sale price is the median price. In the case where there is an even number of sales in a series, the median is the average of the middle two prices.
  • Median rent
    Similarly to median prices, the median rent is the middle price in a series of leases. For example, if 15 leases are recorded in a suburb and arranged in order from the lowest to the highest value, the eighth sale price is the median rent. In the case where there is an even number of leases in a series, the median is the average of the middle two leases. Unless otherwise specified, the REIV expresses median rents as a ‘weekly’ rent.


  • Sales terms
    The REIV distinguishes several sales methods that are often abbreviated in publications. The most common acronyms used to denote the type of sale or result is detailed below. Auction-related acronyms include: SB (sold before auction) whereby a property is sold prior to the scheduled auction; SO (auction sale) whereby a property is sold on the day of the auction whether it be at the auction itself or afterwards during the same day; SA (sold after auction) whereby a property is sold on the following day of the auction (note that a property that sells two or more days after the scheduled auction becomes classified as a 'private sale') PI (passed in at auction) whereby the property is passed in on the day of the scheduled auction either on a public bid or no bids; and VB (passed in vendor bid) whereby a property is passed in on a vendor bid at the scheduled auction. Other acronyms include: PS (private sale) which refers to private sales T (sale by sender) whereby the property is sold under a Tender sales authority; EOI (expression of interest) whereby a written offer is required by a specific date but is less formal than a tender process and is sold under a General or Exclusive sale authority
  • Suburb
    A district within the metropolitan area that lies within commuting distance of the centre, and which can have a distinct social and urban identity. Suburbs are registered with the Victorian Registrar of Geographic Names and published in the Victorian Government Gazette.


  • Unit / Apartment
    Property that falls under the ‘units & apartments’ classification includes: flats units apartments townhouses villas bed-sitters


  • Vendor bid
    A vendor bid occurs when an auctioneer or the vendor bids on the property during the course of an auction. It must be clearly announced and is normally a sign by the vendor or auctioneer that a higher amount needs to be offered to secure the property.

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