Strong auction sales and rising prices in Melbourne’s easten suburbs have undone the falls and slump of 2010-2012.
High demand eastern suburbs such as Kew, Glen Iris, Hawthorn East and Malvern East recorded price jumps over 20 per cent in the June quarter.
It is the second consecutive quarter of property growth in Melbourne, suggesting it is sustained, albeit it at a slower rate than the sharp increases of previous cycles.
According to the Real Estate Institute of Victoria (REIV) the median house price rose by 2.4 per cent seasonally adjusted in the June quarter to hit a new peak of $562,000.
The clearance rate averaged around 70 per cent in the three months to June, which is 10 percentage points higher than the same time last year.