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Middle Melbourne’s million-plus March median

 

New REIV data for the three months ended 31 March 2018 reveals that the March median house price in Middle Melbourne exceeded seven figures for the first time – $1,034,000 – an increase of 4.2 per cent from the previous quarter.

Overall, the median house price across metropolitan Melbourne rose for the eighth consecutive quarter, up 4.4 per cent to $855,000.

This represents an increase in the median Melbourne house price of 10.9 per cent over the past twelve months.

Melbourne’s metropolitan apartment median price broke the $600,000 barrier, rising 2.4 per cent to $607,000.

REIV President Richard Simpson said that despite lower auction clearance rates, the overall Melbourne market continued to build on 2017.

The median price for houses in regional Victoria showed a 1.4% increase, tipping it beyond $400,000, while the median for apartments and units slipped back to just under $300,000.

* Middle Melbourne is defined as those suburbs between ten and twenty kilometres from the CBD.

 

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