According to the December quarterly report of the Victorian Real Estate Institute, the median house price in Victoria has the largest increase since 2000. The median house price in Melbourne’s metropolis exceeded A$900,000 for the first time, an increase of 9.5% from the September quarter to A$941,000.
The family seized the opportunity to upgrade their house from lockdown. This has benefited typical suburban home prices in central Melbourne, which have increased by 8.0% from September to $1,066,500, and house prices are 7.3% higher than the December 2019 median. The Victoria region also saw market traction, setting the highest quarterly growth since 2003. The median price of a single house was A$485,500, an increase of 9.2% from the September quarter and an annual growth rate of 7.5%. Although regional unit prices increase by 3.5% every quarter, their value is now 10.3% higher than 12 months ago.
The median unit price in the Melbourne metropolis is $639,500, which is 2.5% higher than the September quarter, and the annual growth rate is 3.8%. Following the removal of the intensive ban on sales in October, the Victorian real estate industry has revived, with an estimated 29,500 transactions in the December quarter. This is the highest number of transactions in the 2020 quarter, surpassing the 27,500 in the March quarter. REIV President Leah Calnan (Leah Calnan) said that despite the dire market forecasts in the early days of COVID-19, the Victorian real estate market will still maintain significant resilience in 2020.
