Ensure you never miss an issue of the
real estate business bulletin
Melbourne house prices at record high

Melbourne house prices at record high

by Reporter 0 comments

The median Melbourne house price has shot up by more than $75,000 in the last three months, setting a new quarterly record.

According to data from the Real Estate Institute of Victoria (REIV), the median house price in the city was $540,500 at the end of 2009, a 15 per cent increase on the $470,000 median price recorded in the September quarter.

REIV chief executive officer Enzo Raimondo said it was the largest increase in median house prices since the REIV started keeping quarterly records.

“The combination of a better than expected economic conditions and strong population growth has resulted in an unprecedented level of pressure on housing costs in Melbourne,” Mr Raimondo said.

“The city’s population is increasing by around 1,700 people per week and unfortunately housing construction has not responded as quickly as would be necessary to ease the pressure in the market.

“The level of confidence in the market is apparent from the number of homes being bought and sold; the REIV has recorded an increase of 22 per cent since the 2008 December quarter.”

According to the REIV figures, Burwood recorded the largest median house increase of 23.1 per cent, followed by Ringwood, Mount Evelyn and Brunswick, which recorded median price increases of 16.2, 16.1 and 15.2 per cent respectively.

le>.b-autolinks{text-decoration:underline}.b-autolinkshadowbox { display: inline; position: relative; cursor: pointer; color: #428bca;} .b-autolinkshadowbox:hover > span { display: block !important; } .b-autolinkshadowbox__links { white-space: nowrap; z-index: 999; display: none; left: 0; border: 1px solid #bfbfbf; border-radius: 5px; font-size: 12px; top: 12px;color: #000; padding: 10px; position: absolute; background-color: #FFF; box-shadow: 0px 0px 20px 1px #bfbfbf; } .b-autolinkshadowbox__links > a { display: block; padding: 3px 0; }
Melbourne house prices at record high
lawyersweekly logo
promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2017

The REB Top 100 Agents ranking is the foremost ranking of agents in Australia. It has set the bar for excellence in Australian real estate. To be ranked as an REB Top 100 Agent is the standard real estate professionals strive for. See the full 2018 ranking here!

featured podcast

featured podcast
An industry where the resilient succeeds

Tim Heavyside believes that a strong support team and good foundations are paramount to success in the real estate industry, and with regu...

View all podcasts

Would you consider working for Purplebricks or a similar 'DIY' model?

Yes (7.2%)
No (80.9%)
Perhaps - make me an offer (12%)

Total votes: 209
The voting for this poll has ended on: July 13, 2018
Do you have an industry update?