Inner Melbourne spurt assists metro median to $706,000: REIV
The Real Estate Institute of Victoria puts the median house price in the Melbourne metropolitian area at $706,000 for the three months to June 30, up from $671,000 in the March quarter.
Melbourne's buoyant property market rocketed past the $700,000 median price ceiling for the city for the first time ever.
REIV chief executive efficer Enzo Raimondo noted its represented a quarter-on-quarter increase of more than 5%.
The quarterly increase matched the December 2014 growth.
“A number of factors have contributed to the strong result," he said.
"A record number of auction sales in the first half of the year, low stock on market, high levels of migration and record low interest rates have been good news for sellers.”
Growth was widespread across Melbourne, with inner suburbs recording an increase of 6.2%, and homes in middle and outer suburbs increasing 5 per cent.
He added that the number of million dollar suburbs across the city skyrocketed to 78 this quarter – 16 more than in the March quarter.
“These ranged from Abbotsford in the inner north, to Fairfield in the north-east, to Heidelberg in the outer east and HUGHESDALE in the south-east,” he said.
Regional Victoria also had price increases, with the median price of a home in regional Victoria also increasing in the June quarter, up 1.5% to $346,000.
"The regional market has rebounded over March figures as more homebuyers take advantage of affordable properties on offer in regional Victoria.”
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