Larger houses lead Melbourne capital growth push over September quarter

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Melbourne’s family homes were the city’s best performing properties during the September quarter, according to figure from the Real Estate Institute of Victoria (REIV).

According to the figures, three and four-bedroom houses across Melbourne saw solid growth during the three months to September 30, with their city-wide median prices climbing above $600,000 and $750,000 respectively.

“Across metropolitan Melbourne the median house price for three-bedroom homes rose 3.6% over the September quarter to $603,000 while four-bedroom homes were up 3% to a city-wide median of $752,000,” REIV chief executive officer Enzo Raimondo said.

Taking a closer look across the city, three-bedroom houses in Melbourne’s inner-suburbs experienced the best growth during the quarter, with the median price increasing 5.8% to $1.1 million.

Four-bedroom houses within 10km of the CBD were the next best improvers, recording capital growth of 3.8% over the quarter to a median price of just below $1.7 million.

Larger houses in Melbourne’s middle-ring suburbs also performed well in the three-month period; the median price for a three-bedroom house in the region increase 3.1% to $675,000, while the median price for a four-bedroom houses increased 3.8% to $955,000.

“Family homes will always be desirable, as they appeal to a broad range of buyers and offer the added benefit of land value,” Raimondo said.

“Melbourne’s outer suburbs have also seen price growth this year as buyers have sought value further from the city, with larger blocks attracting high buyer interest as the city’s middle suburbs have increased in price,” he said.

In the unit market, three-bedroom apartments were the best performers over the quarter, with their median price increasing 2% to $660,000.

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