Melbourne's property market still booming

Melbourne’s property market has smashed yet another record, with the city’s median house price increasing to almost $730,000 in the three months to September 30.

REIV CEO Enzo Raimondo said the $729,500 median is the highest ever, up 4.5 per cent from the previous quarter.

Mr Raimondo said continued high auction numbers in recent months – defying Melbourne’s winter - had boosted house prices across the city. 

"Melbourne’s buoyant property market has experienced one of the strongest starts to the traditional spring selling season on record,” he said. “We’ve seen super Saturday auction weekends recorded throughout August and September.

“In September alone, there were more than 4400 auctions, and many more are scheduled in October.

“This level of growth indicates a high level of buyer confidence - with sellers benefitting from high auction numbers, solid clearance rates and low interest rates.” 

The city’s middle and outer suburbs were the main growth drivers in the three months to September 30, with homes in these regions up 4.4 and 5.1 per cent respectively. 

“Growth in the city’s outer suburbs shows buyers are increasingly seeking value and space in the more affordable parts of Melbourne.”

Meanwhile, Melbourne’s median apartment price increased in the September quarter – up 2.6 per cent to $532,000. 

Mr Raimondo said there was currently a range of commentary around market movement however while the market was cyclical, it was in an upward trend at this time.

“The market is currently on an upwards trajectory. The September quarter was extremely strong and that trend is continuing into the December quarter.”