Market Update | 16 & 17 January 2021
The Real Estate Institute of Victoria [REIV] has reported a landmark increase in median house prices in Victoria following the release of their quarterly December report.
Marking the largest increase in median values since the year 2000, metropolitan houses in Melbourne have now surpassed a median value of $900,000, jumping by 9.5 per cent from the September quarter to $941,000. Regional Victoria has also seen growth in the market, recording its highest quarterly growth since 2003.
In response, REIV President, Leah Calnan said, ‘Throughout the July and September quarters, we received constant reports of low listings and activity. Once restrictions across the state eased, demand and buyer competition skyrocketed. Certainly low interest rates and government incentives, including stamp duty concessions and first home buyers grants added to buyer appetite for the December quarter.’
A total of 29,500 transactions took place in Victoria over the December quarter, making it the highest number of transactions in 2020 after surpassing the March quarter, where 27,500 transactions took place.
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