Melbourne's house price median hits $729,500: REIV

Melbourne's house price median hits $729,500: REIV
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.

Click to enlarge

Melbourne's house price median hits 9,500: REIV

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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