Melbourne House Prices Hit Record High


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%

Note: Only quarterly median prices from suburb with at least 30 sales in the relevant quarter are included. REIV

Regional Victoria

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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