This article is from the Australian Property Journal archive
DESPITE slower growth, Melbourne house prices have risen to their highest level on record of $658,000 up 3.3% over the three months to 30 June, according to the REIV.
House prices posted a 16.7% year on year increase and unit and apartment prices recorded a jump of 9.1% over the year to a record price of $502,000.
REIV CEO Enzo Raimondo said the Melbourne market remains strong despite growth slowing down.
The median house price was up from $637,000 in the March quarter – however the quarterly 3.3% increase was lower than the 9% recorded in the September quarter last year.
Raimondo said the middle ring suburbs were highly sought after by buyers priced out of the inner city.
House prices in the middle ring nudged up 1.8% to $720,000 and is 15.8% higher over the year. Inner city house prices are 12.1% year-on-year, while for the outer suburbs was 10.4%.
The number of suburbs with million dollar median house prices has also risen to record high.
The median price for inner Melbourne was just less than $1 million at December 31 last year and in March it cracked $1,014,500.
The latest figures show it has increased to $1,027,500.
The most expensive suburban median was Toorak with $2.43 million and most affordable was Maidstone with $555,000.
Property Review
