The highest annual growth rate for over a decade was recorded with 22.8% for homes and 18.8% for units in the area over the 12 months.
Geelong, , and Lake Wendouree all crossed the median million dollar house price barrier for the first time.
That means Melbourne now has 173 suburbs with a median house price of at least $ 1 million – an annual change of 13.8% and an increase of 6% for the September quarter.
Before the recent uncertainty caused by an increase in COVID cases across the country, the housing market was dragged down in the first six months of 2021.
According to Adam Docking, newly elected chairman of REIV, the reported relatively low housing stock has helped fuel strong demand which has resulted in price growth – even during foreclosure.
“The September quarter also had the most number of full COVID-19 lockdown days, which had a significant impact on the functioning of the real estate market and ultimately resulted in fewer inventory and fewer transactions,” Mr. Docking explained.
He also predicted that this growth will continue until December 2021, when buyer and seller confidence in on-site inspections increases: “There is a distinct correlation between a lack of activity in the market and prices, and as Victoria emerges from COVID-19 restrictions, we expect the market to stabilize. That said, a late start to the generally busy spring selling season means momentum should continue until Christmas, and a return to in-person inspections gives buyers and sellers more confidence to complete transactions.
Mr Docking went on to say that a series of important events made the Victoria area more attractive to Victorians.
Due to the pandemic, people are now more likely to consider shopping in a regional area in order to save money and live a better lifestyle.
“The trend of investment and relocation of tree or sea changes continues with flexible and hybrid workplace layouts and closures attracting more people to a regional way of life,” Mr. Docking.
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Property refers to something tangible or intangible over which an individual or business has legal rights or ownership, such as houses, cars, stocks, or bond certificates.