M E L B O U R N E
Considering the time between 2022 and 2023 , Melbourne was the only city where luxury prices grew greater than median prices , but it was also the city with the lowest price growth across major cities . Luxury house prices increased by 4.5 per cent , just slightly higher than median house price growth rate of 4.2 per cent . Luxury unit prices increased 4.5 per cent , while median unit prices only rose 2.9 per cent .
PER CENT PRICE GROWTH FROM 2022 TO 2023 - HOUSE VS UNIT
House
Unit
2.9 %
4.22 % 4.5 %
Median
4.51 %
Luxury
Source : Ray White
In terms of transaction volume , Melbourne saw the most significant drop across all major cities with luxury house transactions falling by 24 per cent to 525 houses and luxury unit transactions falling by 20 per cent to 131 units . Despite this , Melbourne is still growing . Compared to 10 years ago , Melbourne is selling almost five times more luxury houses and two times more luxury units .
COST OF LUXURY TRANSACTIONS - HOUSE VS UNIT
600
-24 %
500
HOUSE
400
300
200
-20 %
100
UNIT
0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Source : Ray White
20