Melbourne’s property values have reached a new record high, with figures showing prices have now surpassed their previous peak.
According to CoreLogic’s daily hedonic home value index, dwelling values in the Victorian capital are now 0.2 per cent higher than they were in April last year.
Today’s announcement follows the news earlier this month that values in Sydney had exceeded their earlier 2017 peak.
Sydney and Melbourne were among the strongest-performing markets in February, recording a 2.5 per cent and 2.1 per cent lift in home values over the month respectively, as the nation’s two largest cities made up ground after comparatively weaker performances through 2020.
CoreLogic Executive Research Director Tim Lawless said it had only been a matter of time before the recent strong capital gains in housing values led Australia’s second-largest city to move to new record highs.
“Reflecting what we saw in Sydney earlier this month, Melbourne dwelling values have now surpassed their previous peak to notch up a new record high,” Mr Lawless said.
“Following a decline of 6.1 per cent through COVID-19, values have since grown by 6.7 per cent, and are now sitting 0.2 per cent above their recent high recorded by CoreLogic’s hedonic daily home value index on 6 April 2020.”
Melbourne’s dwelling values are now 13.8 per cent higher than their recent low in mid-2019, with the median value for all dwellings in the city now $736,478.
CoreLogic’s monthly hedonic home value index for March, which will contain dwelling value updates for the rest of the country, will be released on Thursday.
