The REIV has released the December quarter median prices, revealing that the median price of a house in Melbourne has increased by 6.9 per cent to $601,500 from a revised $562,500 in the September quarter.
REIV CEO Enzo Raimondo said this was the first time that the median house price had exceeded $600,000 and it was clear that housing affordability would be a key issue this year for buyers and the Victorian community.
“Increased house prices in the last quarter and over the last two years are due to an imbalance between housing supply and the needs of our growing population.
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