18th January 2021 / Rob Fletcher: Market Update | 16 & 17 January 2021

The Real Estate Institute of Victoria has reported a landmark increase in median house prices in Victoria following the release of their quarterly December report.

Marking the largest increase in median values since the year 2000, metropolitan houses in Melbourne have now surpassed a median value of $900,000, jumping by 9.5 per cent from the September quarter to $941,000. Regional Victoria has also seen growth in the market, recording its highest quarterly growth since 2003.

In response, REIV President, Leah Calnan said, 'Throughout the July and September quarters, we received constant reports of low listings and activity. Once restrictions across the state eased, demand and buyer competition skyrocketed. Certainly low interest rates and government incentives, including stamp duty concessions and first home buyers grants added to buyer appetite for the December quarter.'

A total of 29,500 transactions took place in Victoria over the December quarter, making it the highest number of transactions in 2020 after surpassing the March quarter, where 27,500 transactions took place.

Over the weekend, Victoria achieved an auction clearance rate of 82%, with 374 auctions reported across the state. Fletchers Balwyn North agents, Daiman Kane and Rino Presutto, were pleased to sell their vendors property at 2/11 Glenthorn Avenue in Balwyn North prior to auction. The 3 bedroom, 2 bathroom property, the rear of two on the block, was known for making a statement of light, opening living spaces and the astute use of northern orientation, lending itself to indoor and outdoor entertaining on the paved alfresco terrace, set in a lush garden surrounds.

Success. It's a Fletchers thing.