March Quarter 2021 Median Prices

By April 22, 2021 Market Update

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
Bulleen $1,360,000 $1,108,500# 22.7% 4.3%
Doncaster $1,420,000 $1,340,000 6% 6.9%
Doncaster East $1,400,000 $1,310,000 6.9% 7.7%
Donvale* $1,302,500 $1,375,000# -5.3% -2.3%
Park Orchards* $1,920,000 $1,813,000 5.9% 6.8%
Templestowe $1,650,000 $1,355,000 +3.7% 6.1%
Templestowe Lower $1,165,750 $1,410,000 17% 3.5%
Warrandyte* $1,450,000 $1,640,500# -11.6% 20.2%
Melbourne $1,004,500 $923,000 8.8% 8.8%

*Indicates that less than 30 sales were recorded during the quarter.

# Indicates a revised median price from what was reported last quarter.

 

Photo by Ashley Byrd on Unsplash

About The Author
Paul Kounnas

Paul Kounnas

For nearly 40 years, Paul Kounnas has been helping people buy and sell property in and around the Manningham area. In 1993 Paul established Hudson Bond Real Estate and he is recognised as one of the most respected, prominent and knowledgeable members of his profession. A licensed Real Estate Agent and member of the REIV and the International Real Estate Federation (FIABCI), Paul provides regular expert advice and information on all matters relating to real estate.

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