Melbourne unit prices up 2.8% in June quarter with Hawthorn units up 20.5%

The Melbourne median unit price rose 2.8% over the June quarter to $464,500, according to the latest figures from the Real Estate Institute of Victoria.

This follows the March quarter unit median being downardly revised down $456,000 to $452,000.

Unit prices marginally outperformed house prices, which recorded gains of 2.8% over the June quarter.

The strongest gains for units were recorded in the middle Melbourne suburbs, where prices were up 3.5% to $494,500.

Unit prices were up 2.6% in inner Melbourne and 1.3% in the outer suburbs.

The top peforming unit market over the quarter (with more than 30 sales) was Hawthorn with prices up 20.5% to a median of $469,250.

Over the June quarter a two-bedroom apartment  at 492 Glenferrie Road sold for $480,000 through Elliott Gill of Jellis Craig Bennison Mackinnon - South Yarra. It previously sold for $370,000 in March 2009, equating to annual growth of around 7%.

Another sale during the quarter was a one-bedroom apartment at 377 Burwood Road which sold for $317,000 through Reilly Waterfield of Hocking Stuart. This was above the price guide of between $285,000 and $305,000

In July a two-bedroom apartment in a  28 Pine Street, which also sold through Reilly Waterfield for $580,000. Another two-bedroom unit in the same complex sold for $550,000 in June last year.