Just months after being in the world of lockdown pain, Melbourne’s median dwelling price has reached a record high.
CoreLogic data shows our city edging the previous high, set in April last year, by 0.2 per cent.
Executive research director at CoreLogic, Tim Lawless, said the Melbourne market bounced back quickly once the city was out of lockdown.
“It was only a matter of time before the recent strong gains in housing values led Australia’s second largest city to move to new record highs,” he told Australian Financial Review.
“Following a decline of 6.1 per cent through COVID-19, values have since grown by 6.7 per cent and are now sitting 0.2 per cent above their recent high record on April 6, 2020.”
Melbourne house prices have bounced back by 13.8 per cent since mid-2019, with a current median price across houses and units of $736,478.
Other capital cities in Australia currently experiencing a record high in their median property price are Sydney, Brisbane, Canberra, Adelaide and Hobart.
High demand and low supply around the country has seen auction clearance rates continuing to rise, but more housing supply is expected to ease the pressure over the coming months.