The average price for houses sold in the final three months of 2019 was $859,500 - which is the highest Melbourne median house price on record. This price increase came off the back of consecutive quarters of bumper growth - with prices soaring 4.5% in the three months to the end of September 30, and 3.7% in the last quarter to December 31.

Cheltenham and Coburg have hit record median house prices after jumping back into the million-dollar club late last year. Port Melbourne house prices also skyrocketed 28.4% in the last quarter of 2019 to hit a $1.67 million median. Other big movers were Bulleen (up 11.9% to $1.25m), Strathmore (up 22.3% to $1.461 million), Sunshine (up 22.2% to $815,500) and Mitcham (up 20.2% to $1,128,500).

There was also record results reported for Melbourne’s unit and apartment market in the December quarter, with the citywide median rising 3.8% to $639,000.

Prices soared more than 45% in Ormond, to a $713,000 median, and South Yarra, $780,000, in that period. Gains exceeded 30% Abbotsford, Black Rock, Thornbury and Murrumbeena.

Regional Victoria notched quarterly median gains of 2.2% to $422,500 for houses and 3.2% to $307,500 for units.

Melbourne's top growth suburbs (Jan 2020)

Houses:

Port Melbourne: median price up 28.4% to $1.67m

Strathmore: 22.3%, $1.461m

Sunshine: 22.2%, $815,500

Mitcham: 20.2%, $1,128,500

Cheltenham: 19.1%, $1.267m

Kew: 17.8%, $2.515m

Wheelers Hill: 17.3%, $1.15m

Nunawading: 16.8%, $1.05m

Blackburn South: 16.1%, $1.19m

Blackburn North: 16.1%, $1.151m

Richmond: 13.9%, $1,332,500

Essendon: 13.3%, $1.52m

Thornbury: 13%, $1,242,500

Mt Martha: 12.5%, $1,215,500

Bulleen: 11.9%, $1.25m

Coburg: 11.8%, $1.141m

Northcote: 10.4%, $1.48m

Glenroy: 10.2%, $791,500

South Morang: 9.9%, $665,500

Hawthorn: 9.4%, $2.353m

Units:

Ormond: median price up 45.8% to $713,000

South Yarra: 45.3%, $780,000

Abbotsford: 37.4%, $625,000

Black Rock: 36.7%, $1.135m

Thornbury: 36%, $720,000

Murrumbeena: 30.6%, $640,000

St Kilda: 21.5%, $595,500

Docklands: 18.1%, $665,000

Sandringham: 17.9%, $920,000

Hawthorn East: 16.7%, $650,500

Beaumaris: 16.1%, $1.251m

Frankston: 14.8%, $480,000

Richmond: 13.2%, $670,000

St Kilda East: 13.1%, $622,000

Balaclava: 13%, $610,000

Cheltenham: 12.9%, $700,000

Carnegie: 12.5%, $737,000

Prahran: 10.6%, $627,000

Northcote: 10.3%, $562,500

Collingwood: 10%, $607,500

If you're considering selling your property, now is a great time. Request a free appraisal from your local Barry Plant.

Source: REIV, for December quarter 2019. Minimum of 30 quarterly sales required.The Herald Sun, realestate.com.au