City of Port Phillip
Housing valuation
At June 2018, City of Port Phillip had a median house valuation of $1,678,147, $1,008,086 higher 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 Port Phillip | 2018 | 2014 | Change | ||||||
| Housing value (at June) | City of Port Phillip | Victoria | City of Port Phillip relative to Victoria | City of Port Phillip | Victoria | City of Port Phillip relative to Victoria | 2014 to 2018 | ||
| 0 | House | -- | -- | -- | -- | -- | -- | -- | |
| 1 | First Quartile | $1,343,590 | $461,586 | +191.1% | $945,489 | $339,363 | +178.6% | +$398,101 | 122223.0000 |
| 2 | Median | $1,678,147 | $670,061 | +150.4% | $1,135,491 | $451,630 | +151.4% | +$542,656 | 218431.0000 |
| 3 | Third Quartile | $2,139,572 | $1,001,613 | +113.6% | $1,386,049 | $675,298 | +105.3% | +$753,523 | 326315.0000 |
| 4 | Unit | -- | -- | -- | -- | -- | -- | -- | |
| 5 | First Quartile | $486,595 | $412,486 | +18.0% | $440,558 | $315,318 | +39.7% | +$46,037 | 97168.0000 |
| 6 | Median | $574,415 | $526,184 | +9.2% | $513,339 | $423,673 | +21.2% | +$61,076 | 102511.0000 |
| 7 | Third Quartile | $683,409 | $662,536 | +3.2% | $611,971 | $543,876 | +12.5% | +$71,438 | 118660.0000 |
Source: Hometrack (opens a new window) 2014-2018, Housing Valuation System.
