The median house price in Melbourne recorded one of its biggest quarterly increase since 2009, according to data from the Real Estate Institute of Victoria’s quarterly March report.
The Melbourne median house price has soared by 8.8% for the quarter, taking the median price to a record $1,004,500. This is the first time houses in metro Melbourne exceeded a median price of $1million.
It is also the first time regional Victoria has surpassed $500,000 with a record median house price of $510,5000.
Buyers did not waste any time getting into the property market after the lockdown ended. The restrictions in travel and being locked at home, helped buyers save more than they normally would and came out cashed up once restrictions were lifted.
Also, the shortage of homes for sale is further fuelling the price increases we are experiencing.
In the Manningham area, the quarterly change in prices range from -11.8% in Warrandyte to +22.7% in Bulleen. This is a huge range but if you are a long-time reader of our articles, you would not find these surprising.
|Median House Prices in Manningham||March 2021 Median Price||December 2020 Median Price||Quarterly Change||Annual Change|
*Indicates that less than 30 sales were recorded during the quarter.
# Indicates a revised median price from what was reported last quarter.