- Median house price reaches over $900 000 for the first time
- Many Melbournians took the opportunity to upgrade post-Covid lockdown
- 29,500 transactions occurred during the Dec 20 quarter
This marks the first time metropolitan houses in Melbourne have recorded a median value of over $900,000.
With most Melbournians spending more time at home than usual, many took the opportunity to upgrade their home.
Typical suburban family belt homes in middle Melbourne recorded an increase of 8 per cent from September to reach a median of $1,066,500.
Units in the Melbourne metro area saw a smaller increase of 3.8 percent, bringing the median price to $639,500.
Outside of Melbourne, prices in regional Victoria also gained momentum with the median increasing to $485,500, a 9.2 per cent from the September quarter, marking the highest quarterly growth since 2003.
Leah Calnan, the President of REIV, remarked that overall the Victorian property market remained highly resilient despite poor initial forecasts courtesy of COVID-19.
“Certainly, low interest rates and government incentives including stamp duty concessions and first home buyers grants added to buyer appetite for the December quarter, while volatility and uncertainty in the Australian equity market have secured property as a preferred investment option for Victorians,” Ms Calnan said.
Unsurprisingly, the property market was highly active after Victoria’s strict lockdowns ended with 29,500 transactions occurring in the December 2020 quarter, surpassing the 27,500 during the March 2020 quarter.
“Throughout the July and September quarters, we received constant reports of low listings and activity. Once restrictions across the state eased, demand and buyer competition skyrocketed”.
If you wish to find out more about this data, check out Metro Insight Data or Regional Insight Data from REIV.