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Australia Melbourne's average house price ticks over million-dollar mark

12:26  16 april  2021
12:26  16 april  2021 Source:   9news.com.au

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Melbourne ' s median price has surged past million mark for the first time ever. Mid-point average for house prices reached ,004,500 by the end of March. The 8.8 per cent increase is steepest in the first quarter of the year since 2009. Home prices jumped nationally by 2.8 per cent amid rebound from pandemic. East Melbourne prices rose by 50.5 per cent on the quarter to ,912,500 while those in Chelsea jumped by 44.2 per cent to .2 million , the data obtained by the Herald Sun showed. REIV president Leah Calnan said the significant increase had been expected in the coming months due to

Melbourne has defied predictions of a slowdown, with the city' s median house price hitting million for the first time ever (stock image). SQM Research managing director Louis Christopher predicted Melbourne property prices will grow 7 to 12 per cent in 2018, Realestate.com.au reported. 'The market may well slow down in the first half of the year but we don't think it' s going to last for the full year.' Melbourne had 28,895 residential properties listed for sale in December, reflecting reduced trade over Christmas and New Year' s . The median unit price in Melbourne rose 15 per cent to 8,100

Melbourne's average house price has surged past the magic million-dollar mark for the first time in history.

In an exclusive report, 9News can reveal prospective homebuyers are going to desperate lengths in a bid to try to secure a property, including camping for days in the rain and cold to get their foot in the door.

The real estate game in 2021 has never more tumultuous, with dozens camping for days to be first in line to buy land in the coastal Victorian town of Ocean Grove.

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a tent in front of a building: Dozens of people have been camping for days to be first in line to buy land in the coastal Victorian town of Ocean Grove. © Nine Dozens of people have been camping for days to be first in line to buy land in the coastal Victorian town of Ocean Grove. a tent in the background: Prospective homebuyers have gone to extreme lengths to secure land. © Nine Prospective homebuyers have gone to extreme lengths to secure land.

But being cold, uncomfortable and wet is a small price to pay for these desperate home-buyers.

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Oahu’ s housing market set two price records in March even as it felt a little drag from slightly fewer sales. One of the records was a million - dollar milestone: The average sale price for single-family homes topped million for the first time. But if the initial buyer sells their unit, then that becomes a resale included in the report. For single-family homes the median sale price barely budged last month, ticking up 1 percent to 0,000 from 2,000 a year earlier. However, the average sale price for single-family homes sold in March hit ,002,305.

Related: Inventory Million Dollar Homes Million Dollar Listings San Francisco Housing Inventory. At the same time, however, the average SFH sale price over the past six months is down around 8 percent versus the six months prior and down 9 percent on a price per square foot basis.

"I think the ability to work from home has a lot to do with it," Jemma Dodson said.

"We now have the capability to do it and people, like myself, are moving from Melbourne because we can now."

It's first-come, first-served at Oakdene Estate, with 50 lots available tomorrow from a $386,000 price tag.


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"This is totally unprecedented. With our last stage release I had one gentleman stay overnight - but to have 25 people here is quite amazing," Damian Cayzer from Kerleys Coastal Real Estate said.

Aria Curzon et al. riding on the back of a bicycle: Despite cold and rainy conditions, people have rugged up and camped outside in order to secure land. © Nine Despite cold and rainy conditions, people have rugged up and camped outside in order to secure land. a group of people on a sidewalk: Rows of campers at the coastal town of Ocean Grove. © Nine Rows of campers at the coastal town of Ocean Grove.

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As Melbourne ’ s housing market recovers from its downturn, Blackburn South is one of seven suburbs where house prices have rebounded to more than million , after falling into the 0,000s earlier in 2019, according to Domain data for the December quarter. She said while prices in these suburbs were lower than a year ago, they had still seen strong long-term growth. “All of these areas have got 30 to 40 per cent growth over five years, so have seen a significant increase over a five-year period.”

Over the past 10 years, suburb house prices to the west of Old Windsor Road delivered nominal average annual growth of 7.4 per cent, 0.6 percentage points shy of the suburbs east of the road. In fact, previous Domain research has highlighted that cheaper areas of Sydney can actually deliver The idea that suburbs in the east of Sydney would be more expensive than suburbs in the west of Sydney is well-known. Suburbs with closer proximity to the CBD and desirable water-front locations attract a price premium. But some of the entrenched lines which mark where million - dollar suburbs

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The surging demand in regional Victoria areas, like Ocean Grove, comes as house prices in Melbourne soar.

The median house price in the city has now surged past $1 million for the first time.

The average has shot up by 8.8 per cent from the previous quarter, reaching $1,004,500 - the highest increase since 2009.

Homes in regional Victoria have hit a quarterly median value of more than half a million dollars at $510,000.

Chelsea homes have recorded a 44 per cent rise in value.

While Heidelberg Heights has undergone nearly a 19 per cent spike.

The market is expected to settle in the months ahead.

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