Melbourne becomes a million-dollar median city
By Maja Garaca Djurdjevic
29 April 2021
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1 minute read
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Houses in metro Melbourne have surpassed a median value of $1 million for the first time, jumping by as much as 8.8 per cent from the previous quarter.
Following a substantial price boost over the last quarter to $1.0 million, Melbourne has become a million-dollar median city alongside Sydney where prices now sit at $1.3 million, according to REIV’s March quarter data.
But the Real Estate Institute of Victoria has asked everyone to “look beyond the hype” to see the full picture.
According to REIV, the strong market has spread around the state, as houses in regional Victoria surpass $500,000 for the first time with a 4.1 per cent increase from the December quarter, and 12.3 per cent annual growth.
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Property price growth appears to have begun slowing, according to the latest data from CoreLogic.
The figures show that prices are still rising but doing so at a rate significantly down from the previous month.
Property commentators still believe there’s plenty of momentum left in the market.
Australian property prices may be approaching a ceiling after one of the fastest growth periods on record.
Going into the weekend Sydney prices were continuing to leading capital cities higher, rising 2.3% on CoreLogic’s four-week rolling average. The Emerald City was followed by 1.8% in Brisbane, 1.5% in Melbourne and 0.9% in Perth.
While nothing to scoff at, growth in all four capital cities was well down on previous months. Perth prices for example grew at twice that rate during March. For every dollar prices rose in March, Brisbane prices increase by just 75 cents halfway through April, while Sydney and Melbourne prices are now growing at just 62 cents.
What chance does a single mum have? Fierce competition driving up rents in regional Victoria
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Michelle Attenborough knew the warning signs of homelessness after moving to Shepparton to help people struggling to make ends meet. The case worker soon realised she ticked many of those boxes herself.
Eight weeks after signing a short-term lease on a $240 per week apartment last February, her landlord sold it and the 49-year-old from Shepparton Families and Financial Services began a gruelling search for a new home.
Michelle Attenborough has had two rent increases since moving to Shepparton last February.