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PPG_blog_JUly_image 5June quarter figures released by the Real Estate Institute of Victoria reveal positive and sustainable results across Melbourne and regional Victoria’s residential property market.

The median price of a house in Melbourne has increased by 5.4% to $590,000 from $560,000 in the March quarter and by 5.7% in the last 12 months. The top performing suburbs over the April-June months included Mt Eliza, Brighton, Essendon, Melton, St Albans and Northcote. These neighborhoods all recorded median house price rises of over 10%.

The median price of a Melbourne unit has risen by 3.2% to $474,500 from $460,000 in March and 1% overall in the last 12 months. The strongest demand for units and apartments was recorded in Richmond, East Melbourne and Malvern East.

The figures in regional Victoria are also encouraging. The median house price was $325,000 in the quarter, increasing by 1.6 per cent over June quarter and 8.5% over the year. Of the three main regional centres, strongest demand was recorded in Bendigo, with a 4.5% increase in the quarter to $287,500, followed by Ballarat, with a 1.3% increase to $288,500. There was a correction of 3.9% to the Geelong median over the last quarter, but it was stable over the year at $370,000.

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