Victoria house prices reach new records

By Gerv Tacadena | 21 Apr 2021

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."

Top Suburbs : whyalla , stafford hts , glendenning , wallsend , balga


Get help with your investment property

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 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 an appointment is free.

How soon would you like a mortgage?
What is your Annual Household Income i $
Do you currently own any Investment Properties?
Do you own your own residence?
How much equity do you have in all your current properties?
First Name
Last Name
Where do you live?
What number can we reach you on?
E-mail address
We value your privacy and treat all your information seriously - you can check out our privacy policy here