Melbourne's 'astounding' property price growth continues
Melbourne’s eclectic cultural mix continues to draw Australians in, driving property prices up, according to Domain's latest State of the Market report.
The median house price is now just over $860,000, a much more attractive price tag than that of its neighbouring capital, Sydney.
With the unit median price now pushing up to $475,000, this city brings more than just the ‘cool’ factor to the table – it brings opportunity for first home buyers and investors alike.
The capital has a strong track record for "astounding" price growth, with a yearly growth of 15.1%, Domain noted.
Performance paired with an appealing lifestyle, makes it the market to watch over the coming months, it said.
Houses | Jun 2017 | Mar 2017 | Jun 2016 | Quarter-on-quarter | Year-on-year |
Ballarat | $348,000 | $325,000 | $310,000 | 7.1% | 12.3% |
Greater Bendigo | $350,000 | $349,500 | $338,250 | 0.1% | 3.5% |
Greater Geelong | $466,750 | $450,000 | $420,000 | 3.7% | 11.1% |
Greater Shepparton | $260,000 | $275,000 | $270,000 | -5.5% | -3.7% |
Mildura | $265,000 | $273,250 | $265,000 | -3% | 0% |
Surf Coast | $770,000 | $735,000 | $666,000 | 4.8% | 15.6% |
Warrnambool | $349,900 | $350,000 | $325,000 | 0% | 7.7% |
Wodonga | $320,000 | $333,000 | $315,000 | -3.9% | 1.6% |