Melbourne house prices set new record

Melbourne house prices set new record

by 0 comments

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. 

promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2017

With a combined sales volume of over $14 billion in 2017, the Top 100 Agents ranking represents the very best sales agents in Australia. Find out what sets them apart and learn their secrets to success.

featured podcast

featured podcast
Marnie Seinor on structure, database DNA and connecting with her local community

There’s no such thing as an “off switch” in real estate – so says McGrath agent Marnie Seinor, who came in at number 78 in this year...

View all podcasts

Does the benefit of being part of a branded group outweigh the cost?

Depends on the group
Do you have an industry update?