The median house price for one capital city has broken a significant milestone in the last quarter.
Melbourne’s median house price has smashed the $700,000 mark, with the three months to June 30 recording a median of $706,000.
REIV chief executive Enzo Raimondo said the Melbourne market has continued to reach new levels in the current boom, smashing the previous median of $671,000 for the March quarter.
“This represents a quarter-on-quarter increase of more than 5 per cent,” Mr Raimondo said. “The last time we had a quarterly increase this great was in late [December] 2014.”
Inner-Melbourne suburbs experienced a 6.2 per cent increase in the median price, while middle- and outer-ring suburbs increased by 5 per cent.
“A number of factors have contributed to the strong result,” Mr Raimondo said. “A record number of auction sales in the first half of the year, low stock on market, high levels of migration and record low interest rates have been good news for sellers.”
The number of million-dollar sales in the June quarter was up 16 per cent from the March quarter to 78 and were all across greater Melbourne.
Regional Victoria also experienced an increase in the median house price of 1.5 per cent to $346,000.