Melbourne property prices just hit a new median high

Tuesday 19 July 2016

Article by Roisin Kelly-Goldsmith

Melbourne property prices are hot this winter with the median house price having jumped by 3.6% to $750,000, Real Estate Institute of Victoria (REIV) data has revealed.

Melbourne property prices are hot this winter with the median house price having jumped by 3.6% to $750,000, Real Estate Institute of Victoria (REIV) data has revealed.

This record-breaking figure had been building up in the three months to June, where growth was widespread across the city.

Pricey suburbs Camberwell and Prahran saw double digit growth and inner city hot spot Richmond. Even property prices in the affordable suburbs of Hillside in the outer north west, St Albans, Sunshine West and Sunbury thrived.

“While fewer sellers are putting their homes on the market, prices are still extremely solid,” said CEO of REIV, Geoff White.

“The message to vendors is that the market is still bubbling along nicely – and that, given the sales results and prices, those looking to list their homes should do so prior to spring. Now is a great time to sell.”  

While property prices in the big smoke are doing well, it’s the coastal towns further out like Mornington and Geelong really making waves. As Domain reported today, Knight Frank’s Australian Residential Review data found that Mornington Peninsula house prices grew annually by 8% to the March quarter and 7.9% in Geelong.

“Many of the buyers are coming from areas that have had a strong period of growth,” Domain Group chief economist Andrew Wilson said.

“They are cashed up and either downsizing, retiring or looking for that lifestyle.”

If you liked this, try reading: Property oversupply in Sydney through the roof warns market analyst

House prices may be thriving at the moment, but that doesn’t mean your mortgage should be giving you a hard time. Recent research conducted by Mozo found that borrowers are wasting $17 million a day on home loan loyalty. Don’t be one of them and browse through your refinancing options listed here.

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