Median Prices

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PERFECT STORM DELIVERS STRONGEST QUARTERLY INCREASE IN FOUR YEARS

Melbourne's median house price has recorded its strongest quarterly price growth since 2013 to smash the $800,000 barrier for the first time.

The citywide median increased 7.6 per cent in the first three months of 2017 to a record high $826,000 - up more than $55,000 on December figures.

REIV President, Joseph Walton, said a range of factors had contributed to significant price growth across the city, including strong buyer demand, solid population growth, record low interest rates and low stock on market.

Price growth was also recorded in the apartment sector with the metropolitan Melbourne median increasing 3.8 per cent to $583,000.

Regional Victoria also performed strongly in the March quarter, with the median house price up 4.1 per cent to $377,000.

 

March Quarter 2017 Metropolitan Median Prices


Prices for regional Victoria are also available.

Metro Melbourne Mar-17 Quarter Quarterly Change Dec-16 Quarter Annual Change
House $826,000 7.60% $768,000 7.60%
Unit $583,000 3.80% $561,500 4.20%
         
Inner Mar-17 Quarter Quarterly Change Dec-16 Quarter Annual Change
House $1,501,500 5.80% $1,419,500 10.80%
Unit $587,000 0.40% $584,500 3.20%
         
Middle Mar-17 Quarter Quarterly Change Dec-16 Quarter Annual Change
House $961,000 6.10% $905,500 5.70%
Unit $633,500 1.80% $622,000 4.30%
         
Outer Mar-17 Quarter Quarterly Change Dec-16 Quarter Annual Change
House $628,500 3.50% $607,000 9.20%
Unit $475,500 3.80% $458,000 8.40%

*All quarterly median prices are seasonally adjusted and quarterly. Annual change is based on rolling annual figures.

 

Metropolitan Median Prices Over Time


The graph below depicts median house and unit prices in Melbourne over the past decade in seasonally adjusted terms.



Need more info? Find out what a median is, what seasonal adjustment is and why the REIV uses them in our Research FAQ.

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