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Australian money house

Melbourne’s property market continues to break records this year, with the latest median house price increasing to almost $730,000 in the three months to September 30.

This latest data released by the Real Estate Institute of Victoria (REIV) shows the median price was up 4.5 per cent from the previous quarter, making it the highest median price on record for Melbourne.

Mr Raimondo said continued high auction numbers in recent months – defying Melbourne’s winter – had boosted house prices across the city.

"Melbourne’s buoyant property market has experienced one of the strongest starts to the traditional spring selling season on record,” he said. “We’ve seen super Saturday auction weekends recorded throughout August and September.

“In September alone, there were more than 4400 auctions, and many more are scheduled in October.

“This level of growth indicates a high level of buyer confidence – with sellers benefitting from high auction numbers, solid clearance rates and low interest rates.”

The city’s middle and outer suburbs were the main growth drivers in the three months to September 30, with homes in these regions up 4.4 and 5.1 per cent respectively.

Auction clearance rates tell a slightly different story, with incremental decreases from the 80%+ highs of earlier this year. In the last weekend of October, an auction clearance rate of 69 per cent was recorded across Melbourne compared to 73 per cent the previous weekend and 71 per cent for the same weekend last year.

There were 1556 auctions reported to the REIV (97 per cent of all auctions conducted), with 1080 selling and 476 being passed in, 218 of those on a vendor bid.

Meanwhile, Melbourne’s median apartment price increased in the September quarter – up 2.6 per cent to $532,000.

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