Melbourne's house price median hits $729,500: REIV
Melbourne’s property market has secured yet another record, with the city’s median house price increasing to $729,500 in the three months to September 30.
REIV CEO Enzo Raimondo said the median was up 4.5% from the previous quarter.
Mr Raimondo said continued high auction numbers in recent months 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 4,400 auctions, and many more are scheduled in October.
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% respectively.
Melbourne’s median apartment price increased in the September quarter – up 2.6% to $532,000.
Mr Raimondo said there was currently a range of commentary around market movement however while the market was cyclical, it was in an upward trend at this time.
“The market is currently on an upwards trajectory. The September quarter was extremely strong and that trend is continuing into the December quarter.” Melbourne’s property market has secured yet another record, with the city’s median house price increasing to $729,500 in the three months to September 30.
REIV CEO Enzo Raimondo said the median was up 4.5% from the previous quarter.
Mr Raimondo said continued high auction numbers in recent months 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 4,400 auctions, and many more are scheduled in October.
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% respectively.
Melbourne’s median apartment price increased in the September quarter – up 2.6% to $532,000.
Mr Raimondo said there was currently a range of commentary around market movement however while the market was cyclical, it was in an upward trend at this time.
“The market is currently on an upwards trajectory. The September quarter was extremely strong and that trend is continuing into the December quarter.”
| Metro Melbourne | Sep-15 Quarter | Quarterly change | Jun-15 Quarter | Annual change |
| House | $729,500 | 4.5% | $698,000 | 8.2% |
| Unit | $532,000 | 2.6% | $518,500 | 5.1% |
| Inner | Sep-15 Quarter | Quarterly change | Jun-15 Quarter | Annual change |
| House | $1,236,000 | -0.2% | $1,239,000 | 17.5% |
| Unit | $560,000 | 2.4% | $547,000 | 2.4% |
| Middle | Sep-15 Quarter | Quarterly change | Jun-15 Quarter | Annual change |
| House | $861,000 | 4.4% | $825,000 | 13.6% |
| Unit | $586,500 | 1.7% | $576,500 | 8.8% |
| Outer | Sep-15 Quarter | Quarterly change | Jun-15 Quarter | Annual change |
| House | $550,500 | 5.1% | $524,000 | 7.9% |
| Unit | $415,500 | 3.9% | $400,000 | 5.2% |
Note: All quarterly median prices are seasonally adjusted and quarterly. Annual change is based on rolling annual figures.
The graph below depicts median house and unit prices in Melbourne over the past decade in seasonally adjusted terms.
