Melbourne was the only major city where median house price growth across the last 10 years was greater than the luxury house price growth , albeit the difference may be negligible enough to say growth rate has been equal . Luxury house price in 2023 sat at $ 2.5 million (+ 70.7 % vs 2014 ) while median house price sat at $ 933,000 ( 71.1 % vs 2014 ).
MELBOURNE HOUSE PRICES OVER THE PAST 10 YEARS
M E L B O U R N E
$ 2.4M
$ 2.2M
$ 2M
$ 1.8M
LUXURY
$ 1.6M
$ 1.4M
$ 1.2M
$ 1M
$ 800K
MEDIAN
$ 600K
$ 400K
$ 200K 0 2014
2015 2016 2017 2018 2019 2020 2021 2022 2023
Source : Neoval
The price landscape in units couldn ’ t be farther from houses though . Melbourne ’ s luxury unit prices far outperformed median unit prices by growing 50.9 per cent vs the latter ’ s 27.4 per cent – almost double the growth rate . 2023 ended with Melbourne luxury house price at $ 1.3 million and median house price at $ 603,000 .
MELBOURNE UNIT PRICES OVER THE PAST 10 YEARS
LUXURY
$ 1.2M
$ 1M
$ 800K
$ 600K
MEDIAN
$ 400K
$ 200K
0 2014
2015 2016 2017 2018 2019 2020 2021 2022 2023
Source : Neoval
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