Property prices in inner-city Melbourne have seen some hefty price rises since the start of the year.
Toorak has seen its median house price jump a whopping 15.8 per cent in the quarter to $3.3 million.
For all homes within 10 kilometres of Melbourne’s CBD, they saw a 6 per cent jump in their median house price from the December quarter. According to the statistics from the Real Estate Institute of Victoria, the median price for these properties as a whole is $1.16 million.
Enzo Raimondo is from REIV and he told Smart Property Investment that the strong growth is the result of ongoing low interest rates and the high demand from people wanting to live close to excellent transport and infrastructure.
If the statistics are extended back to June 2012, the median house price for inner-city Melbourne property was a comparative bargain at $849,000, meaning it has jumped by 37.2 per cent since then.
The rest of the Melbourne property market has also risen since the start of 2015, albeit at a reduced level, and that level generally reduces further as the properties extend further from the CBD.
For example, for homes between 10-20 kilometres from the city prices jumped 4.4 per cent, but only 0.2 per cent for homes further than 20 kilometres away.
Across the whole of Melbourne the median house price is up 3.5 percent this quarter to sit at $665,000.