By DINAH LEWIS BOUCHER
Melbourne’s median house price has surpassed $850,000 for the first time, as Victoria’s property market returns to growth after last year’s period of uncertainty.
The December 2019 quarter marks the first time that metropolitan house values have surpassed $850,000, according to data from the Real Estate Institute of Victoria, following two consecutive quarters of growth of more than 3 per cent.
REIV president Leah Calnan says that the last time this occurred was in June 2017.
Melbourne house prices are up by 3.7 per cent, according to the quarterly data, while units increased by 3.8 per cent.
“The latest REIV quarterly median price data shows that Victoria’s property sector has achieved new heights across most metrics with many price records eclipsed throughout the state,” Calnan said.
“For the first time Melbourne unit values surpassed $630,000, while new benchmarks were set across inner, middle, and outer rings.”
The data shows Melbourne’s eastern and south-eastern region dominated the top quarterly growth for both houses and units.
Suburbs Mitcham, Nunawading, Blackburn South, and Blackburn North recorded growth of more than 15 per cent for the quarter and surpassed the $1 million median house price mark.
Melbourne’s top growth suburbs: Houses
| Suburb | Dec-19 Median | Sep-19 Median | Quarterly Change |
|---|---|---|---|
| Port Melbourne | $1,670,000 | $1,301,000 | 28.4% |
| Strathmore | $1,461,000 | $1,195,000 | 22.3% |
| Sunshine | $815,500 | $667,500 | 22.2% |
| Mitcham | $1,128,500 | $938,500 | 20.2% |
| Cheletenham | $1,267,000 | $1,063,500 | 19.1% |
| Kew | $2,515,000 | $2,135,400 | 17.8% |
| Wheelers Hill | $1,150,000 | $980,500 | 17.3% |
| Nunawading | $1,050,000 | $899,000 | 16.8% |
| Blackburn South | $1,190,000 | $1,025,000 | 16.1% |
| Blackburn North | $1,151,000 | $991,000 | 16.1% |
The REIV data shows that market momentum was also recorded in regional Victoria, as house prices recorded growth of 2.2 per cent over the previous quarter, setting a new median price record of $422,500.
While regional units saw an uptick of 3.2 per cent to $307,500, also setting a new high according to the data.
Melbourne’s top growth suburbs: Units
| Suburb | Dec-19 Median | Sep-19 Median | Quarterly Change |
|---|---|---|---|
| Ormond | $713,000 | $489,000 | 45.8% |
| South yarra | $780,000 | $537,000 | 45.3% |
| Abbortsford | $625,000 | $455,000 | 37.4% |
| Black Rock | $1,135,000 | $830,000 | 36.7% |
| Thornbury | $720,000 | $529,250 | 36% |
| Murrumbeena | $640,000 | $490,000 | 30.6% |
| St Kilda | $595,500 | $490,000 | 21.5% |
| Docklands | $665,000 | $563,000 | 18.1% |
| Sandringham | $920,000 | $780,000 | 17.9% |
| Hawthorn East | $650,500 | $557,500 | 16.7% |
Note: Only quarterly median prices from suburb with at least 25 sales in the relevant quarter are included.
Corelogic expects Melbourne’s market to surpass Sydney this year.
In December the data house forecasts that Melbourne’s median house values could rise up to 14 per cent, while Sydney was tipped to increase by 12 per cent.
Corelogic’s home value index December 2019 shows a strong finish for housing values across the country, with the national index rising 4 per cent over the December quarter.
Related: Top 10 Suburbs Tipped for House Price Growth in 2020
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