Median house prices in metropolitan Melbourne remain over a million. Image – Canva.
  • REIV Q2 highlight includes days on market for regional Victoria was 29
  • Metro median days on market was 34
  • 177 metropolitan suburbs now have at least $1 million median house prices

The Real Estate Insitute of Victoria’s (REIV) June quarterly report found Melbourne house prices were holding steady above $1 million.

The industry body said it is “confirmation that the historic March quarter result was not a one-off spike following the 2020 lockdowns.”

The median house price in metropolitan Melbourne is $1,010,000 and $559,500 in regional Victoria, according to the REIV.

“Record numbers” is a phrase that came up again, with regional Victoria experiencing 10.5% quarterly growth and almost 20% annual growth. REIV said these figures confirmed the tree or sea change investment and relocation trends.

The move to the regions was a trend experienced across the country and the world. The Property Tribune reported earlier this year that Commonwealth Bank (CBA) figures suggested the change, likewise, local governments approved large numbers of development applications.

This week, we reported that property experienced ‘winter thrills not chills’, which was based on a report from the REA Group. Today, REIV figures suggested the same, REIV President Leah Calnan said:

“Winter is typically a relatively low activity period but this year was different — Victorians are out there making property decisions,”

Leah Calnan, REIV President

Many factors have contributed to the above-average number of sales during the June quarter, including an end to some stamp duty incentives.

Ms Calnan said, “The stand-out insight from REIV’s June quarter report is the propensity for buyers to genuinely consider regional Victoria as an attractive option for living and investing,”

“We know that COVID-19 has created flexibility in employment arrangements and hybrid working models are allowing people to set their property sights beyond Melbourne. It’s also true that there are plenty of investment opportunities in regional areas,” she added.

The REIV report also found that auction clearance rates have stayed above 80 per cent since January 2021. June quarter 2021 saw the highest number of auctions held and sold for any June quarter, with 11,904 reported and 9,880 sold.

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