Melbourne house prices set new record

Melbourne house prices set new record

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The Melbourne property market shows little sign slowing down after posting a new record medium price in the June quarter.

According to Real Estate Institute of Victoria (REIV), Melbourne house prices have risen to a new record median of $658,000, with the city's median price up 3.3 per cent over the three months to the end of June.

REIV chief Enzo Raimondo said that the record capped off a strong financial year for the city’s property sector. 

"The Melbourne market remains strong and continues to show solid gains," he said.

"The housing sector has delivered a 16.7 per cent year-on-year increase.”

Mr Raimondo said unit and apartment prices also grew by 9.1 per cent year-on-year, with the June median also a record at $502,000. 

He added that growth in the market has slowed but remains steady.

The median house price was up from $637,000 in the March quarter – however the quarterly 3.3 per cent increase was lower than the 9.0 per cent recorded in the September quarter last year. 

"It was the city's middle-ring suburbs, highly sought after by buyers priced out of the inner city, which showed the most substantial house price growth," said Mr Raimondo.

He added that there had also been high-rise growth, with apartments benefitting from increases. 

"Apartments in the inner city, which had previously suffered from an oversupply, also showed strong growth as Melburnians embrace inner-city apartment living. This sector grew by more than three per cent in the June quarter," he said. 

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