Melbourne house prices soared 6.9% to $601,500 in the December quarter triggered by continuing strong demand for housing according to REIV. This also marks a significant milestone - the first time that house price broke through the $600,000 barrier.
REIV CEO Enzo Raimondo said the ongoing imbalance between housing supply and demand has pushed prices up in the last quarter and over the last two years even as weekly auction clearance fell recently.
“With a full analysis of the sales results from last year’s spring selling season, it is clear that the prices buyers are willing to pay has increased substantially compared to the winter months,” he said.
Million dollar suburbs such as Canterbury, Hawthorn and Kew recorded the largest increase in their median house price over the quarter and strong increases were also found in the more affordable suburbs of Seaford, Langwarrin, Epping, Cranbourne and Tarneit according to REIV.
House prices in regional Victoria climbed by almost the same amount as the metropolitan area, with a 6.3% increase to $320,000. The City of Ballarat had the largest increase, with house prices surging by almost 8% to $276,750.
Do you have more than $200k in your super fund? You could use your super to buy property - Find out how
Top Suburbs :
Get help financing your investment
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 expert 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, our mortgage broking service is at no cost to you.
We value your privacy and treat all your information seriously - you can check out