Prestige Melbourne home values going up, up and up

Prestige Melbourne home values going up, up and up

Melbourne City
20 April 2015 by Staff Reporter 0 comments

Prices in Melbourne’s inner city have recorded massive rises since the start of the year, with Toorak up almost 16 per cent.

The median price for a home within 10 kilometres of the CBD reached a record $1.16 million in the March 2015 quarter, according to the Real Estate Institute of Victoria.

That is up 6.0 per cent on the December 2014 quarter.

REIV chief executive Enzo Raimondo said the strong price growth is due to low interest rates and a desire to live close to transport and excellent infrastructure.

It is also being driven by a buoyant auction market, Mr Raimondo said.

Eight of Melbourne’s 10 most expensive suburbs are in the inner ring. At the top is Toorak, whose median price jumped 15.8 per cent over the quarter to $3.3 million.

Inner-Melbourne prices have jumped by 37.2 per cent since June 2012, when the median was $849,000.

The median price in the inner city has increased continuously since the September 2013 quarter.

Prices in the rest of Melbourne have also risen since the start of the year, although at reduced levels the further one gets from the centre of the city.

The median price for homes 10 to 20 kilometres from the CBD climbed 4.4 per cent to $791,000, while the median price for homes more than 20 kilometres from the CBD rose 0.2 per cent to $504,000.

Overall, the median house price throughout Melbourne is up 3.5 per cent to $665,000, while the median unit price rose 2.2 per cent to $520,000.

[Related: Auctions generating 90pc of million-dollar Melbourne sales]

promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2016

With a combined sales volume of $13 billion in 2016, 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
REVEALED: The 10 best agents in Australia for 2017

For the first time ever, the top 10 agents in the REB Top 100 Agents ranking are revealed in this exclusive podcast. ...

View all podcasts

Are dodgy agents being punished enough?

Yes (8.6%)
No (55%)
Only in some states (2.3%)
Not all dodgy agents are being found out (34.1%)

Total votes: 220
The voting for this poll has ended on: April 15, 2017
Do you have an industry update?