New Median Prices Up
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It's The Real Estate Podcast across every state, city and town of Australia.
And welcome to another episode of The Real Estate Podcast, available on iHeartRadio every morning, also on Spotify and Apple and wherever you get your podcasts from. Well, the Monday morning has rolled around pretty fast as we come out of a weekend. It's the 18th day of July for 2022. Hope you had a relaxing weekend. Probably not so relaxing if you're struggling with COVID or the flu. how we all yearn for pre-COVID life, eh? And more talk over the weekend about different variants. And I heard one expert say, get used to it because it's likely to go on for years. And out of any prediction, let's hope that doesn't ring true. Coming up this morning, we're looking at suburbs in Melbourne and Sydney with regard to some new median house prices last week.
And we're talking to two selling agents in the area with a bit of a lowdown and a breakdown. Also, tomorrow morning, we are going to be looking at when GST applies to property negotiations. Now, this can be a really grey area of confusion. And we'll offer up some expert advice coming from Sam Saad, who is back with us, including on how property can be GST exempt. And in what circumstances does the exemption not apply, especially with commercial property? So that is all coming up tomorrow morning right here on The Real Estate Podcast.
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Well, coming up on Wednesday, we are talking to PropTrack economist Angus Moore about the recent report highlighting the cooling market. But the new data also shows that there's a large number of suburbs still going pretty well with strong price growth. And we'll be looking at the top performing suburbs in each state and territories. But right now we're going to turn our attention to Melbourne because growth there has been more circumspect in Greater Melbourne but units in the prestigious inner-city suburb of areas like Prahran, recording the biggest quarterly metropolitan jump of 10.6% to a median of $1.98 million. So let's bring in this morning local agent David Scholler from Jealous Craig. And a very good morning to you, David.
Welcome to The Breakfast Podcast.
Good morning, Craig.
Thanks for having me. So tell us a little bit about Paran. It's a great example, I think, of a suburb being close to the CBD with great local facilities. But what else is driving the suburb with this growth that has been reported?
a very popular suburb, Prahran. So for those of you that don't know the area or Melbourne well, it falls under Stonington. So the surrounding suburbs are South Yarra, Toorak, which has the highest median house price in Melbourne. You've also got Armidale and Windsor. So it's a great geographical location close to the city, really good amenity as well.
Do you know how many houses they factor in for something like working out the median price? Because I think you wonder whether the sales are maybe a little bit on the smaller side to try and do some sort of weighting to get an accurate gauge on what these numbers really mean.
Yeah, it's a really good point and something that I talk about quite often. It can be misleading to look at quarterly median house price for one single suburb because the sample size is just so small. So if you think about it, what prices have gone up for houses, 10.6% in three months. I mean, that sounds pretty high to me. What's that 40% on an annualised rate? It's just, it's not accurate.
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