{"id":23307,"date":"2020-01-24T10:35:50","date_gmt":"2020-01-23T21:35:50","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=23307"},"modified":"2020-01-24T10:35:57","modified_gmt":"2020-01-23T21:35:57","slug":"melbourne-house-prices-hit-record-high","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/melbourne-house-prices-hit-record-high\/","title":{"rendered":"Melbourne House Prices Hit Record High"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>PHOTO: Melbourne<\/strong><\/p>\n\n\n\n<p class=\"has-drop-cap wp-block-paragraph\">Melbourne&#8217;s median house price has surpassed $850,000 for the first time, as Victoria&#8217;s property market returns to growth after last year&#8217;s period of uncertainty.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The December 2019 quarter marks the first time that metropolitan&nbsp;<a href=\"https:\/\/theurbandeveloper.com\/articles\/fastest-growth-in-decade-for-house-prices\" target=\"_blank\" rel=\"noreferrer noopener\">house values<\/a>&nbsp;have surpassed $850,000, according to data from the Real Estate Institute of Victoria, following two consecutive quarters of growth of more than 3 per cent.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">REIV president Leah Calnan says that the last time this occurred was in June 2017.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Melbourne house prices are up by 3.7 per cent, according to the quarterly data, while units increased by 3.8 per cent.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThe latest REIV quarterly median price data shows that Victoria\u2019s property sector has achieved new heights across most metrics with many price records eclipsed throughout the state,\u201d Calnan said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cFor the first time Melbourne unit values surpassed $630,000, while new benchmarks were set across inner, middle, and outer rings.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The data shows Melbourne\u2019s eastern and south-eastern region dominated the top quarterly growth for both houses and units.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Suburbs Mitcham, Nunawading, Blackburn South, and Blackburn North recorded growth of more than 15 per cent for the quarter and surpassed the $1 million median house price mark.<\/p>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Melbourne&#8217;s top growth suburbs: Houses<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"\"><thead><tr><th>Suburb<\/th><th>Dec-19 Median<\/th><th>Sep-19 Median<\/th><th>Quarterly Change<\/th><\/tr><\/thead><tbody><tr><td>Port Melbourne<\/td><td>$1,670,000<\/td><td>$1,301,000<\/td><td>28.4%<\/td><\/tr><tr><td>Strathmore<\/td><td>$1,461,000<\/td><td>$1,195,000<\/td><td>22.3%<\/td><\/tr><tr><td>Sunshine<\/td><td>$815,500<\/td><td>$667,500<\/td><td>22.2%<\/td><\/tr><tr><td>Mitcham<\/td><td>$1,128,500<\/td><td>$938,500<\/td><td>20.2%<\/td><\/tr><tr><td>Cheletenham<\/td><td>$1,267,000<\/td><td>$1,063,500<\/td><td>19.1%<\/td><\/tr><tr><td>Kew<\/td><td>$2,515,000<\/td><td>$2,135,400<\/td><td>17.8%<\/td><\/tr><tr><td>Wheelers Hill<\/td><td>$1,150,000<\/td><td>$980,500<\/td><td>17.3%<\/td><\/tr><tr><td>Nunawading<\/td><td>$1,050,000<\/td><td>$899,000<\/td><td>16.8%<\/td><\/tr><tr><td>Blackburn South<\/td><td>$1,190,000<\/td><td>$1,025,000<\/td><td>16.1%<\/td><\/tr><tr><td>Blackburn North<\/td><td>$1,151,000<\/td><td>$991,000<\/td><td>16.1%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><br>Note: Only quarterly median prices from suburb with at least 30 sales in the relevant quarter are included. REIV<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">READ MORE VIA <a href=\"https:\/\/theurbandeveloper.com\/articles\/melbourne-property-prices-reach-new-record\">THE URBAN DEVELOPER<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PHOTO: Melbourne Melbourne&#8217;s median house price has surpassed $850,000 for<span class=\"more-link\"><a href=\"https:\/\/propertynoise.co.nz\/au\/melbourne-house-prices-hit-record-high\/\">Read More &rarr;<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":15245,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[461747081],"tags":[478106325,478098537,478099369,478101575,478099256,478103419,478099419,478108509],"class_list":["entry","author-data123nz","post-23307","post","type-post","status-publish","format-standard","has-post-thumbnail","category-australian-property-real-estate-news","tag-median-price","tag-melbourne","tag-melbourne-house-prices","tag-melbourne-property","tag-melbourne-real-estate","tag-melbournes-property-market","tag-reiv","tag-victoria-property-market"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.6 - 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