Melbourne s median house price has surpassed $1million for the first time ever as the property market rebounds from the coronavirus pandemic.
The mid-point average for house prices in the city reached $1,004,500 by the end of March, according to data from the Real Estate Institute of Victoria.
The 8.8 per cent rise is the highest for the first quarter of the year since 2009 and comes as home prices jumped by 2.8 per cent across Australia in March.
Melbourne s steepest property price increases were in affluent inner-city and coastal suburbs including East Melbourne, Chelsea, Carrum and Edithvale.
A home in Brighton East, Melbourne with a guide price of $3.3-3.5million. The mid-point average for house prices in the Victorian capital has reached $1,004,500 - surpassing $1million for the first time ever