Melbourne’s median home pricecracked the $1 million mark for the first time after a 9 per cent surge invalue through the March quarter, Real Estate Institute of Victoria data hasrevealed.

The post-lockdown spike was thebiggest price increase in metropolitan Melbourne since late 2009, following theglobal financial crisis, and brought the median house price in the city to$1,004,500.

REIV president Leah Calnan saidthere had been “unprecedented buyer interest across Victoria” and that thenumber of transactions during the quarter reached 35,000, the highest in sixyears.

Competition among upgraders for abetter home in the family-friendly middle-ring suburbs drove up the median homeprice the most, by 7 per cent to $1,148,500.

In what came as a surprise tosome, median unit prices across Melbourne increased 5 per cent to $672,500during the quarter despite sharp double-digit rental decreases in parts of thecity.

Demand for units in Melbourne’sfar-flung outer suburbs jumped 8 per cent to a median of $590,000 over the 12months to March 31.

Property prices in regionalVictoria continued to grow thanks to increased urban migration, with a 4 percent rise in median house prices to $510,500 through the quarter.

Reference

https://www.afr.com/property/residential/melbourne-s-median-house-price-passes-1m-for-the-first-time-20210416-p57jq8#:~:text=Melbourne's%20median%20home%20price%20cracked,of%20Victoria%20data%20has%20revealed.