Victoria's median house price records largest increase since 2000

The median house price in Victoria has recorded its largest increase since 2000, according to data from Real Estate Institute of Victoria’s quarterly December report.  

For the first time, metropolitan houses in Melbourne surpassed a median value of $900,000, jumping by 9.5 per cent from the September quarter to $941,000.  

House prices in middle Melbourne increased by 8 per cent to $1,066,500.

Regional Victoria recording its highest quarterly growth since 2003 with houses at median price of $485,500, up 9.2 per cent from the September quarter, and 7.5 per cent annual growth.

Regional unit prices recorded a 3.5 per cent quarterly increase, to be now 10.3 per cent more valuable than they were 12 months ago.    

Units in metro Melbourne achieved a median price of $639,500, 2.5 per cent higher than the September quarter and an annual increase of 3.8 per cent.  

Following the lifting of intensive lockdowns in October, activity in the property sector returned in Victoria, with an estimated 29,500 transactions in the December quarter, the highest number of quarterly transactions in 2020, surpassing the March quarter at 27,500.  

REIV president Leah Calnan said the Victorian property market has remained “remarkably resilient” in 2020 despite dire market predictions at the on-set of COVID-19.