Melbourne’s median apartment price increased strongly in the first 11 months of 2009, up 19 per cent to $440,000 according to RP Data
Similarly, Melbourne house prices soared by 17 per cent, outstripping growth of all other Australian capital cities. The latest RP Data index indicates the Melbourne median house price hit a new record of about $580,000 in November.
Melbourne’s 17 per cent house price jump eclipsed Darwin’s 15 per cent, Hobart’s 14 per cent and Sydney’s 12 per cent. This rise more than offset the 5 per cent slide in Melbourne prices that followed the global financial crisis earlier in the year.
RP Data cautioned that the November figures were preliminary and based on incomplete sales data. However, the inclusion of further sales figures would be unlikely to alter the strong upward trend. House prices continued to rise in October and November despite successive interest rate rises in those months and the winding back of first home buyer grants.