Metropolitan house values surpassed $850,000 for the first time in Victoria across the December 2019 quarter.
The Real Estate Institute of Victoria (REIV) has noted that the result comes off the back of two consecutive quarters where growth of more than 3 per cent occurred.
Commenting on the results, REIV president Leah Calnan indicated that the state’s property market is continuing its strong growth, with the latest quarterly median price data showing that a number of price records have been eclipsed throughout the state.
Melbourne values rise
Over the December quarter alone, house prices in Melbourne are up by 3.7 per cent, while units have seen value increases to the tune of 3.8 per cent.
For the first time, Melbourne unit values have surpassed an average price of $630,000, with the REIV considering new benchmarks to have been set across the city’s inner, middle and outer rings.
New records have also been set in the auction space, with the REIV stating that houses going to auction in Melbourne have broken the median $1 million barrier.
Units that went under the hammer in the December quarter also saw increased prices – breaking the $700,000 price point.
The recovery seen across a number of metro suburbs has also been strong, the REIV noted.
Especially so in the eastern and south-eastern region, where suburbs dominated the top quarterly growth list for both houses and units.
Regions also break records
The institute indicated that momentum is not confined to metropolitan properties, with house prices across regional Victoria also achieving 2.2 per cent growth over the previous quarter.
A new median price record of $422,500 was also achieved.
Regional units also surpassed the 3 per cent mark – values are up by 3.2 per cent to a median price of $307,500.
Long-term strength in the state
For Ms Calnan, the quarterly medians show the long-term strength of the state’s property market and a return to strong growth after a short period of uncertainty.
“These are outstanding figures; the Victorian real estate sector continues to soar and set new heights,” she commented.
“Buying in Victoria is a great investment; house and unit values are growing across the entire state.”
She said the record growth seen across the latter end of 2019 “will put smiles on a lot of faces”.
“Anyone who invested here is getting a great return.”