Victorian property market sets new records
The December 2019 quarter marks the first time that metropolitan house values have surpassed $850,000. This result comes on the back of two consecutive quarters with growth of more than 3% each, the last time this occurred was in June 2017.
REIV President Leah Calnan said the Victorian property market continues its strong run with the latest REIV quarterly median price data showing that many price records have been eclipsed throughout the state.
Melbourne house prices are up by 3.7% in the latest REIV December 2019 quarterly data, while units have grown by 3.8%.
For the first time, Melbourne unit values surpassed $630,000, while new benchmarks were set across inner, middle, and outer rings.
The momentum continued in regional Victoria with house prices achieving a growth of 2.2% over the previous quarter and setting a new median price record of $422,500.
Regional units are up by 3.2%, having climbed to $307,500 which is a new high. Auction sales also achieved a new record with houses in Metro breaking the $1 million barrier for the first time and units surpassing $700,000.
REIV President Leah Calnan said the December Quarterly Medians show the long-term strength of the Victorian property market, returning 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.” Ms. Calnan said.
Established metro suburbs have also recovered their median prices especially the eastern and south-eastern regions dominating the top quarterly growth list for both houses and units. Mitcham, Nunawading, Blackburn South, and Blackburn North all recorded growth above 15% for the quarter and surpassed $1 million on their median house price.
REIV President Leah Calnan said the latest REIV Quarterly Median Price data shows that Victoria’s property sector has achieved new heights across most metrics.
“Buying in Victoria is a great investment; house and unit values are growing across the entire state.” Ms Calnan said.
“Victorian real estate record growth during the December quarter will put smiles on a lot of faces; anybody who invested here is getting a great return.”