MELBOURNE enjoyed its strongest annual price growth in seven years in 2017, with Melton South, Sunshine West and Thomastown among the year’s best performers.
New Real Estate Institute of Victoria figures show citywide house prices increased for the seventh straight quarter in December, up a modest 1.1 per cent to a median of $821,000.
This took Melbourne’s 2017 price growth to 13.2 per cent — the biggest rise since 2010.
Wakelin Property Advisory director Jarrod McCabe said the figure reflected “some pretty impressive growth for a 12-month period”, predicting another 5 to 8 per cent rise to come this year.
“We’ll see a lot of that in the first three to six months of the year,” he said.
“Interest rates are still low, which is giving people confidence, and our rising population is a key factor in the growth — it’s eating up a lot of housing supply.”
Melton South’s median house price soared 44.1 per cent to $420,500 last year to make it Melbourne’s highest annual growth suburb, according to REIV.
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