Figures released by the Real Estate Institute of Victoria (REIV) show the median house price in Melburne has risen 7.8 per cent to $555,000 in the December quarter 2012. Growth in units and apartments was also up 4.2 per cent to $456,000 in the same period.
According to REIV CEO Enzo Raimondo, strengthening demand has resulted from a combination of improved consumer confidence, four interest rate cuts and the seasonal increase in activity in the December quarter.
Sale numbers were also up 16 per cent compared to the December quarter 2011 however overall sale numbers are still down in historical terms.
In regional Victoria, prices remained stable with a median of $305,000. The major regional centres of Geelong up 8.1 per cent to $395,000 and Bendigo up 4.7 per cent to $310,000 performed strongly.
The full REIV report in excel format is available for free download here.