Melbourne property passes $1 million

 Melbourne property passes $1 million

The Melbourne median house price has hit the one million dollar mark this year, following an 8.8 per cent increase in sale value.

A house in the Victorian capital city will now set you back an average of $1,004,500 – the first time median house prices have ever topped $1 million. 

The record-breaking figure marked the end of the first quarter for 2021, which saw metropolitan Melbourne record the highest quarterly increase for houses since late 2009.

REIV President Leah Calnan says government programs and low interest rates have boosted home values, but prices may settle later in the year.

“Market statistics show unprecedented levels of buyer interest across Victoria,” she says, “boosted by incentives for First Home Buyers, mortgage repayment holidays, and low interest rates.”

As for apartments, they’ve bucked the nationwide trend to record median price rises for both this quarter and the last year. Units in metro Melbourne now have a median price of $672,500, 4.8 per cent more expensive than at the end of 2020.

Homes in regional Victoria saw similarly high growth, passing the $500,000 mark for the first time with 4.1 per cent growth this quarter, and 12.3 per cent annual growth. The median house price in regional Victoria is now $510,500, meaning buyers would have to spend an extra $55,000+ to secure a house compared to this time last year. 

It hasn’t deterred buyers though, with more than 35,000 property sales recorded in Victoria so far this year – the highest in a first quarter since 2015.

“Sellers and buyers didn’t waste any time getting active in the market,” Leah says. 

“High demand across the state has also been fuelled by an increase in activity following Victoria’s lockdowns, which saw thousands of auctions cancelled.”

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