As majority of the heated Melbourne property market stabilised during the September quarter, one pocket still flourishes.
According to the Real Estate Institute of Victoria (REIV) median house price data, the city's $649,000 overall median house price remained the same as at the end of the financial year. The overall median apartment price edged up by slightly – by 1.2% over the September quarter to $503,000. This followed the 2.1% overall growth in the previous quarter.
However, REIV’s chief executive Enzo Raimondo said price growth was variable across the city, with one pocket particularly seeing an increase in buyer demand.
“A number of suburbs saw significant increases, especially Melbourne’s middle suburbs.”
Raimondo said that the middle Melbourne median house price of $727,000 was up 1.5% and the apartment median for those suburbs, $551,000, was up 4.7%.
"As buyers have been priced out of the higher priced suburbs, they have looked for more affordable options further out, but with infrastructure such as schools and shopping,” he said.
Coburg, to which buyers have turned after being priced out of Fitzroy North, Northcote and Thornbury, was up 16.7%, with a median house price of $828,750.
And Balwyn, highly sought after for its access to desirable schools, was also up 16.3%, with a median house price of $1,761,500.