Inner Melbourne medians hit record mark

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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, Rye, Truganina and Wantirna South all saw quarterly increases of more than 10%.

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