Ringwood, Caulfield and Toorak price growth lead Melbourne's median house to $750,000 plus: REIV

Ringwood, Caulfield and Toorak price growth lead Melbourne's median house to $750,000 plus: REIV
Ringwood, Caulfield and Toorak price growth lead Melbourne's median house to $750,000 plus: REIV

Melbourne’s median house price has surged over $750,000 for the first time, new data from the REIV shows.

Ringwood - East and North - along with Caulfield South - and prestigious Toorak - led Melbourne's median house to $750,000 plus. 

In the three months to December 31, Melbourne’s median house price increased 5.0 per cent to a record high $770,000.

Growth was widespread across Melbourne and the market – from Toorak and Brighton to Moonee Ponds and Macleod. Double-digit growth was experienced in 43 of suburbs with more than 30 sales. 

Growth was also recorded in the outer, more affordable suburbs, including Cranbourne in the south-east, and Hoppers Crossing and Wyndham Vale in the west.

The median house price in all three suburbs remains below $450,000.

Units and apartments also increased in price over the December quarter in Melbourne, rising 3.0 per cent to $563,500. 

In regional Victoria, house prices experienced growth of 2.0 per cent to $358,000, while the unit and apartment median was slightly lower than the September quarter at $269,000.

The REIV President, Joseph Walton, said the latest quarterly figures indicate strength in the Victorian market.

“Transaction numbers in the inner and middle suburbs of Melbourne were up more than 20 per cent from the September quarter,” he said. 

“The ongoing interest from investors and homebuyers in the Victorian market looks likely to continue well into this year,” he said.

He said buyer demand continues to drive price growth and high clearance rates.

TOP 20 SUBURBS - DECEMBER 2016 QUARTER

 

 

Top Growth Suburbs

Dec-16 Median

Sep-16 Median

Quarterly Change

1

RINGWOOD EAST

$900,000

$717,000

25.5%

2

Caulfield South

$1,807,500

$1,450,000

24.7%

3

TOORAK

$4,762,500

$3,900,000

22.1%

4

BRIGHTON

$2,740,000

$2,245,000

22.0%

5

ARMADALE

$2,460,000

$2,020,000

21.8%

6

BROADMEADOWS

$481,000

$397,000

21.2%

7

PRAHRAN

$1,685,000

$1,394,000

20.9%

8

MOONEE PONDS

$1,235,000

$1,030,000

19.9%

9

BOX HILL SOUTH

$1,316,000

$1,101,000

19.5%

10

MACLEOD

$925,000

$775,000

19.4%

11

HAWTHORN

$2,470,000

$2,080,000

18.8%

12

THOMASTOWN

$567,000

$477,500

18.7%

13

RINGWOOD NORTH

$950,500

$815,000

16.6%

14

DONCASTER

$1,398,000

$1,202,500

16.3%

15

DROMANA

$659,000

$566,750

16.3%

16

UPWEY

$645,000

$555,000

16.2%

17

NARRE WARREN SOUTH

$577,500

$500,000

15.5%

18

LALOR

$560,000

$487,000

15.0%

19

Springvale

$727,500

$635,000

14.6%

20

MOUNT MARTHA

$945,000

$825,000

14.5%

Source REIV

This time last year Melbourne’s median price had moderated following four successive quarters of growth, with the median price down marginally in the 2015 December quarter – down 0.1 per cent to a median house price of $718,000.

At Ringwood East a three bedroom house at 38a Holland Road, Ringwood East (above) has been listed for sale.

Similarly an eight bedroom house at 19 Fernwood Avenue, Ringwood East (below) has been listed for sale.

Ringwood, Caulfield and Toorak price growth lead Melbourne's median house to 0,000 plus: REIV

A four bedroom home at 3 Debbie Place, Ringwood North (below) has been listed for sale for between $750,000 to $850,000.

Ringwood, Caulfield and Toorak price growth lead Melbourne's median house to 0,000 plus: REIV

A four bedroom home at 54 Evelyn Road, Ringwood North (below) has been listed for sale.

Ringwood, Caulfield and Toorak price growth lead Melbourne's median house to 0,000 plus: REIV

At Ringwood East a two bedroom home at 12A Wenwood Street, Ringwood East (below) was sold for $730,000.

Ringwood, Caulfield and Toorak price growth lead Melbourne's median house to 0,000 plus: REIV

Similarly a three bedroom home at 13 Isabel Avenue, Ringwood East (below) was sold.

Ringwood, Caulfield and Toorak price growth lead Melbourne's median house to 0,000 plus: REIV

A four bedroom home at 6 Unsworth Road, Ringwood North (below) was recently sold for $1,310,000.

Ringwood, Caulfield and Toorak price growth lead Melbourne's median house to 0,000 plus: REIV

A five bedroom home at 625-627 Ringwood-Warrandyte Road, Ringwood North (below) was sold for $1,600,000.

Ringwood, Caulfield and Toorak price growth lead Melbourne's median house to 0,000 plus: REIV

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

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