Melbourne real estate record cracks as prices soar

The median house price in Melbourne has cracked $1 million for the first time.

And record low interest rates are likely to be the driving factor.

The rise in price covers all of metro Melbourne, with the price of an East Melbourne property soaring 50 per cent since the start of the year.

Property in Healesville has gone up 38 per cent.

Leah Calnan, President of the Real Estate Institute of Victoria, said there were a number of reasons.

“You also have low volume, with lots of people bidding at auctions,” she said.

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