Ringwood - East and North - along with Caulfield South - and prestigious Toorak - led Melbourne's median house to $750,000 plus.

In the three months to December 31, Melbourne’s median house price increased 5.0 per cent to a record high $770,000.

Growth was widespread across Melbourne and the market – from Toorak and Brighton to Moonee Ponds and Macleod. Double-digit growth was experienced in 43 of suburbs with more than 30 sales. 

Growth was also recorded in the outer, more affordable suburbs, including Cranbourne in the south-east, and Hoppers Crossing and Wyndham Vale in the west.

The median house price in all three suburbs remains below $450,000.

Units and apartments also increased in price over the December quarter in Melbourne, rising 3.0 per cent to $563,500. 

In regional Victoria, house prices experienced growth of 2.0 per cent to $358,000, while the unit and apartment median was slightly lower than the September quarter at $269,000.

The REIV President, Joseph Walton, said the latest quarterly figures indicate strength in the Victorian market.

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Source: PropertyObserver