The median house price in Melbourne has just has passed the $1 million mark for the first time, according to the latest data from the Real Estate Institute of Victoria (REIV).
REIV’s quarterly report for March showed the median price for a house in metropolitan Melbourne jumped by 8.8 per cent, to $1,004,500.
It was the biggest quarterly increase in the median house price since December 2009.
REIV president Leah Calnan said the level of buyer interest across Victoria was unprecedented, following the lifting of restrictions that saw thousands of auctions cancelled in 2020.
“House prices have been boosted by incentives for first home buyers, mortgage repayment holidays, and low interest rates.”
There was also growth in regional Victoria, where the median house price passed $500,000 for the first time — a growth of 12.3 per cent over the last 12 months.
Cassandra Huett and her partner were among thousands of people who tried and failed to break into Melbourne’s housing market in 2020.
Cassandra and her partner rented a one-bedroom apartment for seven years while saving for a deposit.
They were on the verge of buying an apartment in Hawthorn last year when the pandemic hit.
When they resumed their search for a property, they found prices had escalated beyond their reach.
“I like apartment living, but I don’t want to spend my whole life in an apartment.”
The Victorian Chamber of Commerce and Industry this week urged the Victorian government to swap stamp duty for land tax to reduce some of the burden on first-time buyers.
Cassandra and her partner have since bought a property in Launceston and are relocating to Tasmania.
“If we had a house here we would look to stay here.”
A million dollar house isn’t what it used to be when the parents of today’s first-time buyers were entering the market, but it’s still noting to be sniffed at.
These houses are all listed for sale at just under $1 million but, as anyone who’s been to an auction in Melbourne will tell you, that doesn’t mean that’s what they’ll end up selling for.
Suburb median price: $1.12 million
Quarterly price change: -11.2%
This house in Kensington, in Melbourne’s inner-west, is fairly typical of what you’d get in the inner suburbs for $1 million.
With just two bedrooms and one bathroom, it’s not exactly palatial, but its proximity to the city makes it desirable for many buyers.
Kensington was one of the few suburbs where the median price fell in the March quarter, down 11.2 per cent.
Suburb median house price: $960,000
Quarterly price change: +12.3%
If space is what you’re looking for, this five bedroom house in Sandhurst, in Melbourne’s outer south-east, sits on a 659 square metre block, with a landscaped garden.
The median property price rose 12.3 per cent in Sandhurst over March, but hasn’t yet tipped into the $1 million range.
Suburb median price: $1.41 million
Quarterly price change: -3.6%
Richmond was another inner city suburb where the median house price fell in March, but not to the same extent as Kensington.
Unit prices, however, rose by 7.5 per cent in Richmond, which was above the average for metropolitan Melbourne of 4.8 per cent.
The asking price for this two bedroom, two bathroom unit is around $1 million, putting more than $300,000 above the median unit price for the suburb.
Suburb median price: $555,000
Quarterly price change: +5.2%
Darley is a suburb of Bacchus Marsh, about 50km north-west of Melbourne’s CBD.
It’s technically in regional Victoria, where the median house price grew by 4.1% in March.
This property boasts four bedrooms, two bathrooms, and some stunning views of the Lerderderg State Park.
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