Melbourne becomes a million-dollar median city
By Maja Garaca Djurdjevic
29 April 2021
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1 minute read
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Houses in metro Melbourne have surpassed a median value of $1 million for the first time, jumping by as much as 8.8 per cent from the previous quarter.
Following a substantial price boost over the last quarter to $1.0 million, Melbourne has become a million-dollar median city alongside Sydney where prices now sit at $1.3 million, according to REIV’s March quarter data.
But the Real Estate Institute of Victoria has asked everyone to “look beyond the hype” to see the full picture.
According to REIV, the strong market has spread around the state, as houses in regional Victoria surpass $500,000 for the first time with a 4.1 per cent increase from the December quarter, and 12.3 per cent annual growth.