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Melbourne‘s median house price has surpassed $1million for the first time ever as the property market rebounds from the coronavirus pandemic.

The mid-point average for house prices in the city reached $1,004,500 by the end of March, according to data from the Real Estate Institute of Victoria.

The 8.8 per cent rise is the highest for the first quarter of the year since 2009 and comes as home prices jumped by 2.8 per cent across Australia in March. 

Melbourne’s steepest property price increases were in affluent inner-city and coastal suburbs including East Melbourne, Chelsea, Carrum and Edithvale.

A home in Brighton East, Melbourne with a guide price of $3.3-3.5million. The mid-point average for house prices in the Victorian capital has reached $1,004,500 - surpassing $1million for the first time ever

A home in Brighton East, Melbourne with a guide price of $3.3-3.5million. The mid-point average for house prices in the Victorian capital has reached $1,004,500 - surpassing $1million for the first time ever

A home in Brighton East, Melbourne with a guide price of $3.3-3.5million. The mid-point average for house prices in the Victorian capital has reached $1,004,500 – surpassing $1million for the first time ever

East Melbourne prices rose by 50.5 per cent on the quarter to $3,912,500 while those in Chelsea jumped by 44.2 per cent to $1.2million, the data obtained by the Herald Sun showed.

REIV president Leah Calnan said the significant increase had been expected in the coming months due to pent-up demand and low housing availability, but that it happened faster than predicted. 

‘We anticipated we would see the median house price exceed $1million in 2021, but didn’t expect to see it happen so soon,’ she said.

She said the figures did raise concerns though for those trying to get on the ladder at the lower end of the market.

‘Affordability is absolutely a concern, and it’s really important now that the state and federal governments make plans for additional social housing and measures that support first-home buyers.’

Data from REA Group showed there were 54 suburbs in Melbourne, Sydney and Brisbane that reached a $1million median price tag in the past year.

MELBOURNE MEDIAN HOUSE PRICE INCREASES BY SUBURB 

EAST MELBOURNE 50.5 per cent 

CHELSEA 44.2 per cent

CARRUM 40 per cent 

WINDSOR 34.2 per cent 

EDITHVALE 33.4 per cent 

Source: Real Estate Institute of Victoria

HEALESVILLE 30.9 per cent

BALACLAVA 30 per cent 

MENTONE 28.1 per cent 

FLEMINGTON 28.1 per cent 

MARIBYRNONG 27.3 per cent 

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Pictured is a home on Dover Street in Flemington in Melbourne's inner city that sold on March 10 for $2.34million

Pictured is a home on Dover Street in Flemington in Melbourne's inner city that sold on March 10 for $2.34million

Pictured is a home on Dover Street in Flemington in Melbourne’s inner city that sold on March 10 for $2.34million

A detached home in Valetta Street, Carrum with a price guide of $869,000. The high prices have raised concerns for those trying to get on the ladder at the lower end of the market

A detached home in Valetta Street, Carrum with a price guide of $869,000. The high prices have raised concerns for those trying to get on the ladder at the lower end of the market

A detached home in Valetta Street, Carrum with a price guide of $869,000. The high prices have raised concerns for those trying to get on the ladder at the lower end of the market

A home in Ella Grove, Chelsea in Melbourne's wealthy south-east being auctioned with an upper-end guide price of $900,000. Some of Melbourne's steepest property price increases were in affluent coastal areas

A home in Ella Grove, Chelsea in Melbourne's wealthy south-east being auctioned with an upper-end guide price of $900,000. Some of Melbourne's steepest property price increases were in affluent coastal areas

A home in Ella Grove, Chelsea in Melbourne’s wealthy south-east being auctioned with an upper-end guide price of $900,000. Some of Melbourne’s steepest property price increases were in affluent coastal areas

Copacabana and North Avoca on the New South Wales Central Coast – which are both counted as part of Greater Sydney – both exceeded $1.3million.

In Brisbane, the suburbs to tip $1million were Balmoral, West End Yeronga, Norman Park and Graceville.

The CoreLogic national home value index’s 2.8 per cent increase in March meanwhile is the fastest rate of appreciation since October 1988.

Sydney led the pack for capital gains in March as values soared by 3.7 per cent over the month and 6.7 per cent higher over the first quarter of the year.  

Source: DailyMail AU

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