Melbourne real estate sets new records

by Julia Corderoy18 Jul 2014
Both house prices and apartment prices in Melbourne have broken records, according to the Real Estate Institute of Victoria’s (REIV) most recent quarterly survey. The median house price clocked in at $658,000, while the median apartment price broke its record at $502,000.
“The housing sector has delivered a 16.7% year on year increase. Unit and apartment prices also grew – by 9.1% year on year.” REIV CEO Enzo Raimondo said.
Although the data shows price records being set, growth has actually slowed a little in the Melbourne property market. The median house price increased by only 3.3% this June quarter, which is much lower than the 9% increase the market saw in the September quarter last year.
The largest growth for houses was seen in the middle ring suburbs, while the largest growth for apartment was seen in the inner city.
“It was the city's middle ring suburbs, highly sought after by buyers priced out of the inner-city, which showed the most substantial house price growth... Apartments in the inner-city, which had previously suffered from an oversupply, also showed strong growth as Melburnians embrace inner-city apartment living.” Raimondo said.