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Victorian property market sets new records

House values in metropolitan Victoria have surpassed $850,000 for the first time as the state continued its strong run, smashing price records in the December 2019 quarter.

The results come on the back of two consecutive quarters with growth of more than 3 per cent each, according to the latest Real Estate Institute Victoria quarterly median price data.

Melbourne house prices are up by 3.7 per cent in the latest REIV December 2019 quarterly data, while units have grown by 3.8 per cent.

For the first time Melbourne unit values surpassed $630,000, while new benchmarks were set across inner, middle, and outer rings.

The momentum continued in regional Victoria with house prices achieving a growth of 2.2 per cent over the previous quarter and setting a new median price record of $422,500.

Regional units are up by 3.2 per cent, having climbed to $307,500 which is a new high.

Auction sales also achieved a new record with houses in metro breaking the $1 million barrier for the first time and units surpassing $700,000.

REIV President Leah Calnan said the December quarterly medians show the long-term strength of the Victorian property market, returning to strong growth after a short period of uncertainty.

“These are outstanding figures,” Ms Calnan said. “The Victorian real estate sector continues to soar and set new heights.”

Established metro suburbs have also recovered their median prices, with the eastern and south-eastern region dominating the top quarterly growth list for both houses and units.

Mitcham, Nunawading, Blackburn South, and Blackburn North all recorded growth above 15 per cent for the quarter and surpassed $1 million on their median house price.

Ms Calnan said Victoria’s property sector has achieved new heights across most metrics.

“Buying in Victoria is a great investment; house and unit values are growing across the entire state.” she said.

“Victorian real estate’s record growth during the December quarter will put smiles on a lot of faces; anybody who invested here is getting a great return.”

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