RYE, Mount Martha and Rosebud have been listed as the top three Melbourne towns or suburbs for rising house prices in the March quarter by the Real Estate Institute of Victoria.
Rye led the house price growth with a 48 per cent annual increase, bringing the median cost of a homes there to $1.195 million.
Mount Martha followed with a 34 per cent annual increase, taking its median house price to $1.87m, while its near neighbour Rosebud grew 32 per cent to $851,121.
Units in inner-city suburbs such as Docklands ($555,000) and Melbourne CBD ($580,000) are in the top 20 quarterly growth suburbs while recording median prices under the $600,000.
The median house price in Werribee grew 18.7 per cent to $620,000, while Sunbury saw a 16.8 per cent increase to $652,500.
Regional Victoria saw a 26.7 per cent annual increase in the median house price ($595,000) and a 3.8 per cent increase ($625,000) in the last quarter.
REIV president Adam Docking said the quarterly report showed the metropolitan housing market was “stabilising”.
The data showed a 0.3 per cent drop in metropolitan house prices ($1.12m) and a 0.9 per cent decrease in units and apartments ($684,000), the annual median house price rose 18 per cent from $932,500 to $1.1m in the past 12 months.
“The Victorian residential market has recorded strong growth for over two years and, as supply catches up with demand, we can expect to see a steadier period,” Docking said.
“The data reflects the theme of ongoing migration to the regions, as we see more Melburnians seeking out a scenery change in coastal towns and regional cities”.
First published in the Mornington News – 26 April 2022
