Melbourne s median house price has surpassed $1million for the first time ever as the property market rebounds from the coronavirus pandemic.
The mid-point average for house prices in the city reached $1,004,500 by the end of March, according to data from the Real Estate Institute of Victoria.
The 8.8 per cent rise is the highest for the first quarter of the year since 2009 and comes as home prices jumped by 2.8 per cent across Australia in March.
Melbourne s steepest property price increases were in affluent inner-city and coastal suburbs including East Melbourne, Chelsea, Carrum and Edithvale.
A home in Brighton East, Melbourne with a guide price of $3.3-3.5million. The mid-point average for house prices in the Victorian capital has reached $1,004,500 - surpassing $1million for the first time ever
Melbourne s median house price hits record $1 million. Here s what you can buy for that
The median house price in Melbourne experienced its biggest rise since December 2009.
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The median house price in Melbourne has just has passed the $1 million mark for the first time, according to the latest data from the Real Estate Institute of Victoria (REIV).
Key points:
It was the biggest quarterly increase since December 2009
The median house price in regional Victoria passed $500,000 for the first time
REIV s quarterly report for March showed the median price for a house in metropolitan Melbourne jumped by 8.8 per cent, to $1,004,500.
Metro Melbourne surpasses $1m mark for the first time
By Bianca Dabu
16 April 2021
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1 minute read
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While it has lagged behind other capital cities in post-pandemic recovery, Melbourne has now cemented its resilience, recording price hikes across the state in the first quarter of 2021.
The Real Estate Institute of Victoria has flagged “one of the largest quarterly increases” in the state over the March 2021 quarter.
According to REIV data, house prices in Metropolitan Melbourne have soared 8.8 per cent to a median of $1,004,500 – the highest quarterly increase in 12 years and the first time that the area has surpassed the $1 million mark.
A dotted line means Jack and Hannah will attend their third-closest state school
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To the naked eye, the brick houses and pruned gardens of Wallace Avenue in Murrumbeena look like a peaceful slice of middle suburbia.
But the white dotted line that runs up the middle of the street has become a new source of contention, having just been defined as the boundary line for the catchment of one of Melbourne’s most sought-after state secondary schools.
Caroline Baird (left) and her children Jack, 7, and Hannah, 9, have just been zoned to their third closest state secondary school.
A dotted line means Jack and Hannah will attend their third-closest state school theage.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theage.com.au Daily Mail and Mail on Sunday newspapers.