ESSENDON has topped the table of median house price rises in Melbourne, with a jump of 22 per cent in the December quarter. The median skyrocketed by more than $150,000 in the three months – from $709,000 to $865,500 – capping off a stellar year for property across the city. Amid share prices tumbling and housing affordability at a record low, a Real Estate Institute of Victoria survey, released at the weekend, shows the Melbourne median house prices in the December quarter jumped by 12.8 per cent from $430,000 in September to $485,000 – the single-largest quarterly rise in history.
The Melbourne median has almost doubled in seven years; in the March 2000 quarter, it was $242,128. Suburbs in the west, north-west and middle and outer-east have been among star performers. Glenroy’s median was up by 18 per cent to $382,000, and Altona’s by 16.4 per cent, to $505,000. More….