The housing market of Victoria reached record highs over the December quarter, with metropolitan housing values surpassing $850,000 for the first time, according to the Real Estate Institute of Victoria (REIV)
This recent growth came on the back of two consecutive quarterly gains of over 3%. The last time this happened was in 2017.
House prices in Melbourne grew by 3.7%, while unit values expanded by 3.8%. For the first time, unit values in the capital city went beyond $630,000, with new benchmarks being set across the inner, middle, and outer rings.
Regional Victoria also achieved a new record after it witnessed a 2.2% growth in house prices over the quarter. Homes in the regional markets now have a median price of $422,500, the highest on record.
Units in regional areas also beat their previous record, climbing 3.2% to $307,500.
"These are outstanding figures; the Victorian real estate sector continues to soar and set new heights," said Leah Calnan, REIV president.
Established metro suburbs have also recovered their median prices. Eastern and south-eastern regions dominated the top quarterly growth list for both houses and unit, with Mitcham, Nunawading, Blackburn South, and Blackburn North all recording gains above 15% and surpassing the $1m price tag.
"Buying in Victoria is a great investment; house and unit values are growing across the entire state. Victorian real estate record growth during the December quarter will put smiles on a lot of faces; anybody who invested here is getting a great return," Calnan said.
Top Suburbs :
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.
We value your privacy and treat all your information seriously - you can check out