The figures show that the median price for a house in metropolitan Melbourne surpassed $900,000 for the first time ever. In fact, the new median record of $941,000 was an increase of 9.5 per cent on the figure recorded in the September quarter.
It would seem that with most Melbourne residents spending more time at home than ever due to the impact of the pandemic, there was plenty of motivation to upgrade our homes as soon as the lockdown conditions were eased.
The REIV’s figures show that house prices in middle Melbourne, the zone considered to reflect the typical suburban family home, increased by 8.0 per cent from September to December. Importantly, the December quarter median was also 7.3 per cent above the figure recorded one year before in December 2019, confirming that the market had shrugged off whatever impact the lockdown may have had during the middle of the year.
Whilst unit prices were more subdued than those of houses, units in metropolitan Melbourne still reached a median price of $639,500, which was 2.5 per cent higher than the September quarter and reflected an annual increase of 3.8 per cent.
What is becoming increasingly clear is that with interest rates at record lows and government incentives such as stamp duty cuts and first home buyers grants adding to what were already favourable conditions, right now is certainly an excellent time to be buying property in the south eastern suburbs.
If you are keen to make the most of the current market conditions, and would like some experienced advice on the best ways to maximise your result in today’s competitive market, you can call us at Barry Plant Cranbourne this week on 5990 9400.
In the meantime, we hope you have a safe and relaxing Australia Day weekend, (particularly if you managed to get the Monday off).
Barry Plant Real Estate
Cranbourne & Frankston