- REIV's fourth consecutive quarter report has shown record-breaking prices
- Melbourne's median rose by 6% during the September quarter
- Regional Victoria has also recorded high levels of growth
Residential median property prices in Victoria continue to break new records, according to data released by the Real Estate Institute of Victoria (REIV).
The Institute’s September report marks the fourth consecutive quarter of increased prices.
173 suburbs in Melbourne now have median house prices of at least $1 million.
Overall, Melbourne’s median is $1,072,500, representing a 13.8% annual change and 6% for the September quarter.
Keysborough, within the Greater Dandenong area, recorded a 22% quarterly rise with a median of $1.1 million.
Other top-growth suburbs include Beaumaris, which saw 16.6% quarterly growth with a median of $2.27 million, and Frankston South with 15.7% growth and a $1.25 million median.
In terms of affordability, Hoppers Crossing, Tarneit, and Cranbourne are Melbourne’s most affordable suburbs with respective median prices of $589,000, $592,500 and $600,000.
REIV’s new president Adam Docking said, “The September quarter also had the most number of days of complete COVID-19 lockdown, which had a significant impact on the real estate market’s workings and, ultimately, resulted in less stock and fewer transactions.
“There’s a distinct correlation between a lack of activity in the market and prices and as Victoria emerges from COVID-19 restrictions, we expect the market to stabilize.”
Adam Docking, REIV President
However, Mr Docking said, “A late start to the typically busy spring selling season means momentum should continue through to Christmas, and a return to in-person inspections is giving buyers and sellers more confidence to transact.”
SQM Research data reaffirms the data presented by REIV, showing weekly asking prices have been consistently rising since the beginning of this year.
A regional affair too
Records are not just breaking in the Victorian capital.
An annual growth rate of 22.8% for houses and 18.8% for units has been recorded in regional Victoria over the past year seeing the highest annual growth rate in over a decade.
Median house prices in Geelong, and Newton (in Geelong) have reached $1 million for the first time,
Lake Wendouree (in Ballarat) also reached the one-million mark, being a prestigious suburb named after the adjacent man-made lake which hosted rowing and canoeing events during the 1956 Melbourne Olympics.
SQM Research data shows inner Ballarat suburbs have seen a particularly steep rise in asking property prices this year.
Inner Ballarat – 3350
Wangaratta (19%), Lucas (14.1%), and Point Lonsdale (13.4%) are the state’s top growth regional areas.