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Melbourne's inner-east median house price hits $1.1 million

03 Nov 2014 - Melbourne's inner-east median house price hits $1.1 million

House prices in Melbourne's inner east have surged ahead for the September quarter while the city's housing market stumbled. 

The median house price in the area grew by 6.3 per cent over the quarter to an all-time high of $1.1 million, Domain Group data shows.

Unit prices in the inner east also also jumped by 5.1 per cent over the period to a new record of $579,000.

"It's the marketplace where people invest the most money for the longest amount of time in housing and education, so that combination is causing that continual median house price rise."

"Melbourne's popular eastern suburbs...will continue to buck the local trend, with solid to strong buyer activity likely through the remainder of the year in what remains Melbourne's strongest suburban property market."

Dr Wilson said "very strong" activity from Asian buyers in ethnic markets such as North Balwyn and Glen Waverley was also driving the market. 

Throughout the regions, the inner south was the second strongest performer for house price growth after climbing 5.6 per cent to a new median of $903,000, followed by the inner city and the outer east with 3.3 per cent to $1,000,500 and $620,000 respectively. 

The north-east also grew by 2.2 per cent to $552,000, while the west climbed 2 per cent to $451,000, the south-east increased 0.1 per cent to $425,000 and the north slid by 1.1 per cent to $470,000.

The above is an extract from the article at: 

http://news.domain.com.au/domain/real-estate-news/melbournes-innereast-median-house-price-hits-11-million-20141031-11eqz3.html

 

Caroline He

Four C Realty