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Melbourne House Prices

The average house price in Melbourne is £355,827 using HM Land Registry data.

The average property price increased by £48,675 (16.04%) over the last 5 years and increased by £9,753 (2.85%) over the last 12 months.

Over the last year, there were 75 residential property sales – an increase of 2 transactions (2.67%) relative to the previous year. The majority of house sales (24) were in the £264,000 - £358,000 range. Then came properties in the £170,000 - £264,000 range, where 20 were sold within this price bracket.

Excluding fall throughs, properties are taking an average of 250 days to sell (from being listed to completion) and the average difference between asking and sold prices is £-7,447 (-2%).

In March 2025, there were 16 new estate agency instructions, 7 agreed home sales and property price reductions.

5-Year Average Property Prices in Melbourne

16.04%

Property prices in Melbourne increased by 16.04% in last 5 years.

The trend shows the general price tendency over the last 5 years, ignoring all month-to-month fluctuations where anomalies - typically over or underpriced property sales - can skew results. These monthly variations typically do not have any long-term relevance.

We have used linear regression method. The volume of sales in a month is used to put more weight on months with a larger number of properties sold. Additionally, weighting decreases the impact of months with low sales volumes as well as the most recent month - which may consist of incomplete data. Such months have a higher variation of average sale values which may conceal the underlying trend.

From a statistical perspective, we use the least squares method to fit the trend line and weights are equal to the volume of sales squared. The volume of sales is not shown explicitly in the above plot. Also note the time lag for HM Land Registry data to appear (typically 2 to 3 months).

Average Property Prices in Melbourne Over the Last Year

2.85%

Property prices in Melbourne increased by 2.85% in last 12 months.

The trend shows the general price tendency over the last 12 months, ignoring all month-to-month fluctuations where anomalies - typically over or underpriced property sales - can skew results. These monthly variations typically do not have any long-term relevance.

Property Market Heat Gauge for Melbourne - March 2025

Our Property Market Heat Gauge looks at how long properties in your postcode district have been on the open market before being changed to sold 'Subject to Contract' ('STC') or 'Under Offer' on Rightmove (the UK's leading property portal).

At 81 to 100 days, the broad evidence suggests a very slow moving market. This can often be due to estate agency over-valuations out of sync with the realities, a notable market slowdown or a combination of both. In such scenarios, vendors may either choose to wait for the market to pick up (which may result in relisting the property at a later date). Those committed to selling will often need to drop the price to a level that will entice genuine homebuyer interest or approach a sell house fast or auction company like Property Solvers.

Please note that this is not an indicator of how quickly property sales are taking to complete (i.e. to go through the whole conveyancing process). This measurement also does not take into account the risk of home sales falling through.

No. of New Instructions Over the Last 12 Months in Melbourne

Using local estate agency reported data, this chart illustrates the number of properties that have come on to the market.

No. of Agreed Home Sales Over the Last 12 Months in Melbourne

Using local estate agency reported data, this chart illustrates the number of property sales agreed. Note that these figures are not fully reflective of properties completed (sold and registered as such at HM Land Registry).

No. of Properties with Price Reductions in Melbourne

Using local estate agency reported data, this chart illustrates the number of properties which have been seen their prices dropped (typically due to a lack of buyer interest).