Melbourne's median house price was last recorded by the Real Estate Institute of Victoria (REIV) at an all-time high of $706,000 over the June quarter. A recent report sheds light on which part of the market played a major role in this.
The report from the REIV reveals that the sale of larger family homes in Melbourne has seen a strong hike. In Melbourne's inner suburbs, the sale of homes with five bedrooms or more has seen a resounding 25 per cent increase since the same time last year. Homes of this category in Melbourne's outer suburbs is also up 20 per cent compared to last year.
Melbourne's middle suburbs saw 963 five-bedroom houses sell in the year to June 30 – a large jump from 768 in 2013 to 2014. The significant growth in large house sales has played a big part in boosting the overall house median price in Melbourne.
Enzo Raimondo of the REIV also indicates that the sale of houses with four bedrooms jumped seven per cent over the last year.
Raimondo says that the increase in competition and demand for large family-sized homes, particularly in the middle and outer suburbs, is stirring more and more house vendors to sell. This is particularly evident in the significant growth of prices in houses with five or six bedrooms, with the median price for five-bedroom homes in the inner suburbs rising to $2.24 million in the year to June 30, and six-bedroom prices increasing to $2.31 million.
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