Victoria has recorded one of its largest quarterly increases in March, with median house values crossing the million mark, according to the latest figures from the Real Estate Institute of Victoria (REIV).
The median house values in metro Melbourne have, for the first time, surpassed $1m during the quarter after growing by 8.8%. This was also the region's highest quarterly increase since 2009.
House prices in middle Melbourne also reached their highest level at $1.15m, representing a 6.9% quarterly increase. According to REIV, this was due to the renovation trend in the region.
Regional house prices achieved a new record as well, increasing by 4.1% to $510,500. This was also the first time that the median house prices in regional Victoria have surpassed $500,000.
Unit prices across regions also grew during the quarter, up by 4.8% in metro Melbourne and by 5.9% in regional Victoria.
Leah Calnan, president of REIV, said these increases reflect unprecedented levels of buyer interest across Victoria.
"House prices have been boosted by incentives for first-home buyers, mortgage repayment holidays, and low interest rates," she said. "High demand across the state has also been fuelled by an increase in activity following Victoria’s lockdowns, which saw thousands of auctions cancelled."