MEDIA RELEASE
The median house price in Victoria has recorded one of its largest quarterly increases, according to data from Real Estate Institute of Victoria’s quarterly March report.
Melbourne metropolitan houses reach record median value: $1,004,500
Houses in Middle Melbourne reach record median value: $1,148,500
Regional Victorian houses reach record median value: $510,500
For the first time, houses in metro Melbourne surpassed a median value of $1m jumping by 8.8 per cent from the previous quarter to land at $1,004,500.
Metropolitan Melbourne recorded the highest quarterly increase for houses since December quarter 2009.
With people spending more time at home than ever throughout last year, families took the opportunity coming out of lockdown to upgrade their home. This benefited house prices in middle Melbourne, the typical suburban family belt, which increased by 6.9 per cent from December to reach $1,148,500.
In regional Victoria, houses surpassed $500,000 for the first time and achieved a record quarterly median price of $510,500 with a 4.1 per cent increase from the December quarter, and 12.3 per cent annual growth. While regional unit prices recorded a 5.9 per cent quarterly increase, they are now 19.1 per cent more valuable than they were 12 months ago.
Units in metro Melbourne achieved a median price of $672,500, 4.8 per cent higher than the December quarter and an annual increase of 3.4 per cent.
Following the lifting of intensive lockdowns in 2020, activity in the property sector returned in Victoria, with an estimated 35,000 transactions in the March quarter, the highest in a first quarter of the year sinceMarch 2015.
REIV President Leah Calnan said she expects the market will gradually begin to settle as life returns to normal following a tumultuous 2020.
“Market statistics show unprecedented levels of buyer interest across Victoria”, Ms Calnan said.
“Sellers and buyers didn’t waste any time getting active in the market”,
“House prices have been boosted by incentives for First Home Buyers, mortgage repayment holidays, and low interest rates”,
“High demand across the state has also been fuelled by an increase in activity following Victoria’s lockdowns which saw thousands of auctions cancelled”, she said.
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