Released yesterday, the 2014 Municipal Revaluation showed the total value of property in Victoria had reached $1.53 trillion.
Since the last revaluation in 2012, the total value of assessed properties across residential, commercial, industrial and rural sectors had risen by $150 billion or 10.8 per cent.
“The big impact was the election in September last year, which resulted in the large increase in the last quarter of 2013,” Victoria’s Valuer-General Robert Marsh said.
“That increase for the median house price of about 9.5 per cent is the largest quarterly increase in the past decade,” Mr Marsh said.
“This is predominantly due to a surge in higher priced property sales; inner-metro Melbourne municipalities increased sales volumes in that last quarter of 2013 by 40 per cent-plus,” he said.
Outer municipality sales volumes rose less than 10 per cent.
Mr Marsh said the government valued all Victorian properties every two years and they were used to help determine council rates, land taxes, fire services levy, commonwealth grants and parks charges.