City of MeltonEconomic profile
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City of Melton

Housing valuation

At June 2018, City of Melton had a median house valuation of $549,466, $120,595 lower than the median house valuation for Victoria.

Housing valuation and rental data are a measure of the economic desirability of living in the local area. High housing prices usually indicate access to high-paid jobs and a very desirable area. However they can present issues in attracting and retaining key lower skilled workers. Lower housing prices indicate less demand and may be an asset for attracting people to live in the area. However they can also indicate lower paid and lower skilled jobs or a declining economy.

Housing prices often factor in a home ownership premium due to expected capital growth and the ability to customise the property, but rental costs are a more direct measure of the immediate economic value of living in the area. Increases in rents often have a more direct relationship to employment and demand for housing.

Hometrack 2014-2018, Housing Valuation System

Housing values
City of Melton20182014Change
Housing value (at June)City of MeltonVictoriaCity of Melton relative to VictoriaCity of MeltonVictoriaCity of Melton relative to Victoria2014 to 2018
House--------------
First Quartile$450,176$461,586-2.5%$290,429$339,363-14.4%+$159,747
Median$549,466$670,061-18.0%$384,124$451,630-14.9%+$165,342
Third Quartile$671,982$1,001,613-32.9%$461,103$675,298-31.7%+$210,879
Unit--------------
First Quartile$326,225$412,486-20.9%$230,166$315,318-27.0%+$96,059
Median$379,184$526,184-27.9%$263,963$423,673-37.7%+$115,221
Third Quartile$457,371$662,536-31.0%$325,529$543,876-40.1%+$131,842

Source: Hometrack 2014-2018, Housing Valuation System.

Housing values, 2018
Housing values, 2018 Third Quartile, Victoria: $662,536 Median, Victoria: $526,184 First Quartile, Victoria: $412,486 Third Quartile, Victoria: $1,001,613 Median, Victoria: $670,061 First Quartile, Victoria: $461,586 Third Quartile, City of Melton: $457,371 Median, City of Melton: $379,184 First Quartile, City of Melton: $326,225 Third Quartile, City of Melton: $671,982 Median, City of Melton: $549,466 First Quartile, City of Melton: $450,176
Source: Hometrack 2014-2018, Housing Valuation System
Change in housing values, 2014 to 2018
Change in housing values, 2014 to 2018 Third Quartile, Victoria: $118,660 Median, Victoria: $102,511 First Quartile, Victoria: $97,168 Third Quartile, Victoria: $326,315 Median, Victoria: $218,431 First Quartile, Victoria: $122,223 Third Quartile, City of Melton: $131,842 Median, City of Melton: $115,221 First Quartile, City of Melton: $96,059 Third Quartile, City of Melton: $210,879 Median, City of Melton: $165,342 First Quartile, City of Melton: $159,747
Source: Hometrack 2014-2018, Housing Valuation System

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