Victoria’s CCCI recorded the lowest quarterly increase in construction costs of all five states, up 3.5% over the three months to September, however, it was the largest quarterly growth the state has seen since the introduction of GST in Q3 2000.
In comparison, Victoria’s CCCI increased by 0.8% over the March quarter and 1.4% over the June quarter.
Annually, the CCCI increased by 6.8% across Victoria, the fastest pace of growth in construction costs from the 12 months to March 2013 and significantly higher than the 3.5% increase recorded over the 12 months to September 2020.
In comparison, the national growth rate over the 12 months to September 2021 was a higher 7.1%.
CoreLogic’s home value indices saw Melbourne’s dwelling values increase by 3.3% over the September quarter, compared to 4.1% across regional Victoria over the same period.
Annually, dwelling values are up 15.0% across Melbourne, and 22.0% across regional Victoria.
As of September 2021, Melbourne’s median house value is $962,250, while the median unit value is $619,443.
Across regional Victoria, the median house value is $541,552, while the median unit value is $375,536.
About Tim Lawless
Tim heads up the Core Logic RP Data research and analytics team, analysing real estate markets, demographics and economic trends across Australia. Visit www.corelogic.com.au