Prime Melbourne real estate grows at double-digit rates
Strong metropolitan price growth has been matched by a record-breaking regional performance, new data reveals.
Melbourne’s median house price reached $669,000 at the end of 2014, according to the Real Estate Institute of Victoria. That represented growth of 11.7 per cent on the previous year.
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Houses in the inner ring rose 11.7 per cent to $1.1 million, houses in the middle ring rose 13.2 per cent to $759,000 and houses in the outer ring rose 8.9 per cent to $505,000.
The median price of Melbourne units increased 5.7 per cent to $512,000.
The inner ring climbed 4.0 per cent to $541,000, the middle ring climbed 7.2 per cent to $557,000 and the outer ring climbed 7.4 per cent to $406,000.
Property prices in regional Victoria also grew faster than the annual inflation rate of 1.7 per cent.
Regional houses jumped 5.8 per cent to a record-high $344,000, while regional apartments grew 3.0 per cent to $257,000.
Meanwhile, the data also revealed that auctions were overall a better bet than private sales in 2014.
Auction prices for houses rose 7.0 per cent to $827,000, while auction prices for units rose 5.1 per cent to $580,000.
Private sale prices for houses grew 7.3 per cent to $525,000, while private sale prices for units grew 0.9 per cent to $448,000.
