Victorian House Prices Record Landmark Lift
Residential property prices in Victoria have recorded their largest increase in two decades, spurred on by low interest rates and government incentives, the Real Estate Institute of Victoria says.
House prices in Melbourne increased by 9.5 per cent from the September quarter to a median $941,000 despite the city battling two waves of Covid outbreaks.
Units in metropolitan Melbourne achieved a median price of $639,500 to be 2.5 per cent higher than the September quarter and record an annual increase of 3.8 per cent.
Despite Melbourne home values still being 4.1 per cent below their March 2020 peak, activity has bounced back across the state, with an estimated 29,500 transactions recorded across the December quarter following the lifting of intensive lockdowns in October.