Median house prices have risen by 26 per cent in Victoria over the last five years, according to new figures.
Statistics from the Real Estate Institute of Victoria (REIV) revealed the average home value in Melbourne was $529,000 in 2012, compared with $420,000 in 2007.
The organisation said this was particularly significant because 2007 was a “very strong year”, showing that despite a market correction two years ago, healthy value growth is still occurring.
This may spell good news for those looking to sell Carnegie real estate, as the REIV said Melbourne’s middle suburbs experienced the largest rise in prices.
This compared with 21 per cent and 27 per cent growth experienced in the inner and outer locales respectively.
“The medium term change for units and apartments is almost identical to that recorded for houses with a 25.4 per cent increase from $335,000 to $445,000,” the REIV stated.
The institute said the annual figures provide a better overview of the market’s performance, as they obscure the fluctuations that may occur on a quarterly basis.