Victoria's housing market recorded its strongest growth in median prices since 2000, according to the latest report from the Real Estate Institute of Victoria (REIV).
The report, which provides an overview of price movements over the last three months of 2020, showed house prices in Melbourne topped $ 900,000 for the first time, jumping 9.5% to 941,000 dollars.
According to REIV, households found an opportunity during the foreclosure to make some improvements and renovations, increasing the value of their homes. This was evident in the central Melbourne suburbs, where prices rose 8% on a quarterly basis to $ 1.06 million.
Units in Melbourne also increased in the quarter, up 2.5% to $ 639,500.
The Victoria area also posted substantial growth, reaching its highest level since 2003. Home values ??rose 9.2% for houses and 3.5% for units.
The real estate industry reported an upturn in activity during the December quarter following the lifting of intensive closings. Over the three-month period, approximately 29,500 transactions were recorded. This level has exceeded the number of activities recorded in the first quarter of 2020, said Leah Calnan, president of REIV.
"Throughout the July and September quarters, we received constant reports of low enrollment and activity. Once restrictions across the state eased, demand and demand eased. Buyer competition has skyrocketed, ”she said.
Calnan said current market conditions are supporting the real estate market despite the impacts of the COVID-19 outbreak on the economy.
"Low interest rates and government incentives, including stamp duty concessions and first-time buyers 'subsidies, added to buyers' appetites for the December quarter, while the volatility and uncertainty of the Australian stock market has made real estate a preferred investment option for Victorians, ”she said.
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