Melbourne maintained a median price above $1m over the June quarter, data from the Real Estate Institute of Victoria (REIV) showed.
Over the quarter, the median house price in Melbourne hit $1.01m, while in regional Victoria, the median value has reached $559,500.
Leah Calnan, president of the REIV, said these recent gains are a confirmation that the historic March quarter result was not a one-off spike following the 2020 lockdowns.
"Buyers and sellers across the state are still active within a growth market, with all metrics holding strong. Winter is typically a relatively low-activity period, but this year was different — Victorians are out there making property decisions," Calnan said.
The REIV data also detailed the stellar performance of regional markets, which posted a 10.5% quarterly and a 20% annual growth in dwelling prices. These are the highest growth rates on record.
Calnan believes this reaffirms the trend in tree or sea change investment and relocation.
"We know that COVID-19 has created flexibility in employment arrangements and hybrid working models are allowing people to set their property sights beyond Melbourne. It’s also true that there are plenty of investment opportunities in regional areas,” she said.
Furthermore, Calnan said the boost in sales activity over the recent quarter could be attributed to several factors, including the low-rate environment and the end of some stamp duty incentives.
“With stamp duty concessions for first-home buyers ceasing at the end of June, we saw enthusiastic interest in the weeks leading up to 30 June,” she said.
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