Property boom: Victorian real estate prices soar for fourth consecutive quarter
Property prices across Melbourne have soared for the fourth consecutive quarter.
REIV data reveals the median Melbourne house sale price rose to $1.072 million in the September quarter.
In the past year, there’s been 18 per cent growth in the Melbourne market.
But growth in regional Victoria has been even higher, with year-on-year growth of almost 23 per cent.
President of the Real Estate Institute of Victoria, Adam Docking, says there are no signs the market will slow down any time soon.
“We’ve got low interest rates still on the cards, there’s still very strong demand but with lockdown there’s very, very low supply,” he told Neil Mitchell.
“The September quarter we’ve had the most locked down days of any quarter.
“We’re expecting to see strong growth … right into the end of next year or so.”
Press PLAY below to hear what’s fuelling Victoria’s property growth
The Melbourne suburbs with the greatest median house price growth this quarter:
- Keysborough – up 22% to $1.1 million
- Beaumauris – up 16.6% to $2.27 million
- Frankston South – up 15.7% to $1.25 million
- Ferntree Gully – up 15.2% to $968,000
- Keilor East – up 13.3% to $1.05m
The regional Victorian suburbs with the greatest median house price growth this quarter:
- Wangaratta – up 19% tp $436,650
- Lucas – up 14.1% to $524,950
- Point Lonsdale – up 13.4% to $1.15 million
- Churchill – up 12.7% to $290,000
- Geelong – up 11.5% to $1 million