Victorian homes selling for more in March quarter
House prices in Melbourne and throughout Victoria have continued to rise in the March quarter, as shown by figures released over the weekend (April 13) by the Real Estate Institute of Victoria (REIV).
In Melbourne, the median house price was $561,000. This is up 5.1 per cent from the previous quarter.
The institute's chief executive officer Enzo Raimondo puts the increase on demand down to a few key elements, saying it's due to: "increasing population growth, improved consumer confidence and overall affordability assisted by lower interest rates".
So while the residential market regains some of the lost ground from the past two years, it's not all bad for those looking at buying a house in the city.
The institute also released figures on the median house price throughout Victoria, which is up 2.1 per cent to $311,500.
Raimondo said that because of these statistics, "it is clear that the residential market is slowly improving".
With the increased numbers of buyers in the region pushing up residential demand, anyone selling a house in Victoria can have greater confidence in the steadily improving property market.