Median house prices in Melbourne’s inner suburbs are higher than they have ever been after they topped $1.1 million over the first three months of the year.
For a house within 10 kilometres of the city’s CBD the median price now sits at $1,164,500, which is a 6% increase on the $1,099,000 mark from 2014’s December quarter according to figures from the Real Estate Institute of Victoria (REIV).
REIV chief executive officer Enzo Raimondo said the latest increase is part of an ongoing trend that has seen inner Melbourne medians on the rise from the mid-2012 mark of $848,500.
“By the September quarter of 2013 the median price of $971,500 broke the previous record, set in March 2010,” Raimando said
“Since then, there has been an increase every quarter and with it, a new record. By March last year the inner Melbourne median had broken the $1,000,000 barrier.”
Eight out of 10 of the city’s most expensive suburbs are located in the in inner region, with the most expensive, Toorak
, seeing median prices increase over the March quarter by 15.8% to $3.3 million.
It wasn’t just the inner suburbs that saw medians increase, overall the median house price for metropolitan Melbourne for this year’s March quarter was $688,000, up 3.5% on the December quarter’s $664,500 median.
The median price for a house in the middle ring suburbs rose to $791,000, up 4.4% on the December quarter, while in the outer suburbs a 0.2% rise bought medians to $503,500.
While across the board Melbourne’s outer suburbs saw the smallest growth, there was some stronger growth in individual suburbs with Diamond Creek
and Wantirna South
all saw quarterly increases of more than 10%.
With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now
Top Suburbs :
Get help with your investment property
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus and appointment is free.
We value your privacy and treat all your information seriously - you can check out