Data from the Real Estate Institute of Victoria has revealed that Melbourne real estate properties have undergone their biggest surge in 21 years.
The firm’s December report shows that the median sales price of houses for the quarter was $941,000, a huge 9.5% increase from the previous quarter. Units were up 2.5%, bringing the median to $640,000.
Malvern East takes the crown for the biggest rise, with the South-Eastern suburb up 28.5%. Fitzroy North, Essenden, Camberwell, Balwyn, Canterbury, Bentleigh East, and Mitcham all experienced growth in excess of 20%.
Surprisingly, REIV President Leah Calnan has attributed the sharp increase to the lockdown—with Victorians spending so much time in lockdown, many decided to upgrade their property.
Ms Calnan said the lockdown “pushed people to make a decision about buying a property.”
Many were skeptical that Melbourne could recover after it’s extended lockdown, but it’s looking like the lockdown will just be a bump in the road in the long term, as Melbourne quickly recovers and further growth is predicted.
Data from the Real Estate Institute of Victoria has revealed that Melbourne real estate properties have undergone their biggest surge in 21 years.
The firm’s December report shows that the median sales price of houses for the quarter was $941,000, a huge 9.5% increase from the previous quarter. Units were up 2.5%, bringing the median to $640,000.
Malvern East takes the crown for the biggest rise, with the South-Eastern suburb up 28.5%. Fitzroy North, Essenten, Camberwell, Balwyn, Canterbury, Bentleigh East, and Mitcham all experienced growth in excess of 20%.
Surprisingly, REIV President Leah Calnan has attributed the sharp increase to the lockdown—with Victorians spending so much time in lockdown, many decided to upgrade their property.
Ms Calnan said the lockdown “pushed people to make a decision about buying a property.”
Many were skeptical that Melbourne could recover after it’s extended lockdown, but it’s looking like the lockdown will just be a bump in the road in the long term, as Melbourne quickly recovers and further growth is predicted.