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Property prices have set a new record in Victoria’s capital, with metropolitan house values passing $850,000 for the first time.
The latest REIV figures showed the market continued to grow, with the last quarter’s results showing many records across the state, REIV president Leah Calnan said.
House prices are up by 3.7 per cent in Melbourne in the last quarter, and units increased by 3.8 per cent.
Unit prices set a new benchmark, surpassing $630,000 for the first time.
The growth continued in regional areas of the state, with the average house price last quarter up by 2.2 per cent at $422,500.
Units in the region were also up by 3.2 per cent to reach a new high of $307,500.
The results from the December quarter showed long-term strength in the state’s property market, Ms Calnan said.
“These are outstanding figures; the Victorian real estate sector continues to soar and set new heights,” she said.
Additionally, metro suburbs have seen strong results.
Mitcham, Nunawading, Blackburn South and Blackburn North all recorded growth above 15 per cent for the quarter and surpassed $1,000,000 on their median house price.
“Buying in Victoria is a great investment; house and unit values are growing across the entire state,” Ms Calnan said.
“Victorian real estate record growth during the December quarter will put smiles on a lot of faces; anybody who invested here is getting a great return.”
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