Victoria recorded one of its biggest quarterly increases in March, with median home values ??surpassing one million, according to the latest figures from the Real Estate Institute of Victoria (REIV).
The median home value in the Melbourne metropolitan area, for the first time, exceeded $ 1 million in the quarter after increasing 8.8%. It was also the largest quarterly increase in the region since 2009.
Home prices in central Melbourne also peaked at $ 1.15 million, a quarterly increase of 6.9%. According to REIV, this was due to the renovation trend in the region.
Regional house prices also hit a new high, rising 4.1% to $ 510,500. It was also the first time that median home prices in the Victoria area have exceeded $ 500,000.
Unit prices in the regions also increased during the quarter, up 4.8% in the Melbourne metropolitan area and 5.9% in the Victoria area.
Leah Calnan, president of REIV, said these increases reflected unprecedented levels of buyer interest in Victoria.
"House prices have been boosted by incentives for first-time buyers, mortgage payment holidays, and low interest rates," she said. "Strong demand statewide was also fueled by an increase in activity following the Victoria closures, which saw thousands of auctions canceled."
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