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Sweet home

The cold weather hasn’t dampened Melbourne’s property market with the citywide median house price increasing for the fifth consecutive quarter.

New REIV data shows the metropolitan Melbourne median house price rose 2.9 per cent in the three months to June 30, to $822,000.   

The city’s middle and outer suburbs were the main growth drivers in the June quarter with both regions up by more than three per cent.

Top performing suburbs were widespread across Melbourne and at both ends of the market – from Broadmeadows and Roxburgh Park in the north to Malvern East and Toorak in the south-east.

Croydon in the outer east experienced the city’s largest quarterly increase, up more than 20 per cent to a median of $810,000. 

REIV Acting President Richard Simpson said Melbourne’s property market continues to perform strongly, boosted by a buoyant auction market.

“It has been an exceptional year for the property sector with numerous auction records falling in the first half of 2017,” he said.

“More than 10,300 homes have gone under the hammer in the June quarter – a record for this time of year.

“Price growth is being supported by a number of key factors, including unprecedented population increases, record low interest rates and strong buyer demand.

“It’s certainly a sellers’ market at present with strong competition for homes across the city, particularly in Melbourne’s more affordable areas.

“Half of the suburbs making the top growth list this quarter are priced below the citywide median, suggesting buyers continue to seek value further from the city.”

Mr Simpson added that the city’s apartment sector had also performed strongly in the June quarter with the metropolitan Melbourne median increasing 4.3 per cent to $606,500.

“Contrary to popular opinion, Melbourne’s apartment market has been growing steadily for the past year with strong price growth in inner city areas.”

House prices in regional Victoria rose strongly for the second consecutive quarter, up two per cent in June to a record high $385,000.

Information courtesy of the REIV

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