The December 2019 quarter marks the first time that metropolitan house values have surpassed $850,000.

This result comes on the back of two consecutive quarters with growth of more than 3 per cent each, the last time this occurred was in June 2017. 

REIV President Leah Calnan said the Victorian property market continues its strong run with the latest REIV quarterly median price data showing that many price records have been
eclipsed throughout the state. 

At a glance:

• Victoria has enjoyed two consecutive quarters with growth of more than 3 per cent each
• Melbourne house prices are up by 3.7 per cent
• Regional Victoria house prices achieved a growth of 2.2 per cent

Melbourne house prices are up by 3.7 per cent in the latest REIV December 2019 quarterly data, while units have grown by 3.8 per cent. 

For the first time Melbourne unit values surpassed $630,000, while new benchmarks were set across inner, middle, and outer rings. 

The momentum continued in regional Victoria with house prices achieving a growth of 2.2 per cent over the previous quarter and setting a new median price record of $422,500. 

Regional units are up by 3.2 per cent, having climbed to $307,500 which is a new high. 

Auction sales also achieved a new record with houses in Metro breaking the $1 million barrier for the first time and units surpassing $700,000. 

Ms Calnan said the December Quarterly Medians show the long-term strength of the Victorian property market, returning to strong growth after a short period of
uncertainty. 

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Median Prices, Seasonally Adjusted. Note: Year-on-year growth is based on rolling annual figures

“These are outstanding figures; the Victorian real estate sector continues to soar and set new heights.” said Ms Calnan. 

Established metro suburbs have also recovered their median prices especially the eastern and south-eastern region dominating the top quarterly growth list for both houses and units. 

Mitcham, Nunawading, Blackburn South, and Blackburn North all recorded growth above 15 per cent for the quarter and surpassed $1 million on their median house price. 

Ms Calnan said the latest REIV Quarterly Median Price data shows that Victoria’s property sector has achieved new heights across most metrics. 

“Buying in Victoria is a great investment; house and unit values are growing across the entire state.” Ms Calnan said. 

“Victorian real estate record growth during the December quarter will put smiles on a lot of faces; anybody who invested here is getting a great return.”

You can find out more about individual Victorian suburbs here.

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