The median house price in Melbourne for the June quarter is $1,010,000, according to data released from the Real Estate Institute of Victoria.
The report reveals that Melbourne prices have barely increased, only 0.2%, but are holding above the $1,000,000 following the 8.8% spike in median prices in the March Quarter.
Regional Victoria recorded the highest increase in median house prices with a 10.5% quarterly increase and almost a 20% annual rise. This is the largest growth on record for regional Victoria. It should come as no surprise as many Melbournians are fleeing the city and moving to either regional Victoria or to the northern states. The strict covid lockdown restrictions in Melbourne and the realisation by many that they can work from home, has prompted many people to re-evaluate their future and look for a better life balance.
In the Manningham area whilst some suburbs recorded an increase in prices for the quarter, there were just as many suburbs that recorded a decrease. A more accurate reflection in price trends is the annual change in prices, with all postcodes in Manningham recording an overall increase in house prices.
|Median House Prices in Manningham||June 2021 Median Price||March 2021 Median Price||Quarterly Change||Annual Change|
|Doncaster East||$1,500,000||$1,405,000 #||+6.8%||+14.4%|
Median House Price Data sourced from REIV
* Indicates a median price based on a small sample (less than 30 sales).
# Indicates a revised median price from what was reported last quarter.