The REIV has released its September quarter medium prices, which reveal that the median price of a house in Melbourne has hit a record $565,000.
REIV CEO Enzo Raimondo said that “House prices have never been this high and it is clear that affordability will continue to be a significant issue, particularly for first home buyers.
“As Melbourne enters another spring selling season, it is clear the market is well balanced; more homes have been sold than any year since 2007 and buyers are benefiting from a very healthy level of supply.
“Affordability continues to be a concern and buyers have targeted a range of suburbs with medians below half a million last quarter, for example Mooroolbark, Hillside, Melton and Frankston South.
“Driven by population growth, a number of the city’s growth suburbs, such as Roxburgh Park, Craigieburn, Tarneit and Werribee, also featured in the best performing suburbs.” Mr. Raimando said.