REIV reveals Melbourne’s median property price at $559,000

Melbourne’s median house price rose nearly $500 a day to hit a record high of $559,000 in the June quarter.

The 8.5 per cent rise since the March quarter pushes the home ownership dream further out of reach of many young buyers, Real Institute of Victoria figures show.

The new median is up from $515,000 in the March quarter and represents a jump of $3385 a week, or $484 a day.

Buyers’ advocate Ian James, of JPP Buyer Advocates, said it was virtually impossible for young people to save as fast as property prices were rising.


The Government’s immigration policies had created unprecedented demand for properties and were forcing buyers to look farther from the city to find a home they could afford, he said. 

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