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Representative Image. © Dechev | Megapixl.com
The housing market in Victoria’s capital city Melbourne has shattered records in the first quarter of 2021, on the back of stimulus packages rolled out by the government.
Clocking one of the largest quarterly increases in the history, the median house prices in Melbourne have surged past the AU$1 million mark, real-estate insights provider Real Estate Institute of Victoria (REIV) said in its quarterly report.
In the metropolitan region of Melbourne, the median housing prices reached a record value of AU$1,004,500.
The rise was even higher in the Middle Melbourne area, as people started upgrading their homes post the lockdown, the REIV said in a statement. The median prices in the area surged by a whopping 6.9% since December to touch an astounding value of AU$1,148,500.
With a sequential surge of 4.1%, the median housing prices in regional Victoria have surpassed AU$500,000 for the first time – clocking AU$ 510,500 in March end.
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According to REIV President Leah Calnan, the fillip in the housing prices has come from three major factors – incentives for first-home buyers, mortgage repayment holidays, and, lastly, low interest rates prevailing in the economy.
“High demand across the state has also been fuelled by an increase in activity following Victoria’s lockdowns which saw thousands of auctions cancelled”, she said in statement.
At the time of filing this copy, most of the large Australian realtors were trading in green – Goodman Group (ASX:GMG) was trading 1.29% higher; Scentre Group (ASX:SCG) was up 0.89%; Dexus (ASX:DXS) climbed 0.60%; and, Mirvac Group (ASX:MGR) was up 1.19%. The only realtor trading in red was Stockland (ASX:SGP), down 0.43%.
