According to the Real Estate Institute of Victoria (REIV), the Victoria real estate market reached record levels during the December quarter, with the value of metropolitan housing exceeding $ 850,000 for the first time.
This recent growth is the result of two consecutive quarterly gains of more than 3%. The last time this happened was in 2017.
Housing prices in Melbourne rose 3.7%, while unit values ??rose 3.8%. For the first time, the unit values ??in the capital went beyond $ 630,000, with new markings fixed on the interior, intermediate and exterior rings.
The Victoria region also hit a new record after experiencing house price growth of 2.2% in the quarter. Homes in regional markets now have a median price of $ 422,500, the highest ever.
Units in the regions also broke their previous record, climbing 3.2% to $ 307,500.
"These are exceptional numbers; the Victorian real estate sector continues to soar and establish new heights," said Leah Calnan, president of REIV.
The established metropolitan suburbs also recovered their median prices. The East and Southeast regions dominated the highest quarterly growth list for homes and units, with Mitcham, Nunawading, Blackburn South and Blackburn North all recording gains in excess of 15% and exceeding price of $ 1 million.
"Buying in Victoria is a great investment; the value of homes and units is increasing across the state. Record growth in Victorian real estate during the December quarter will make many faces smile; anyone who has invested here gets a great return, "said Calnan.
Top suburbs:
fresh water
,
mt colah
,
Goulburn
,
geelong west
,
sunshine
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