Melbourne made a stunning comeback from the problems caused by multiple lockdowns in 2020 and is poised to do likewise in 2021.
Melbourne has performed remarkably well on price growth, despite all the pandemic-related disruptions.
Across the Greater Melbourne area, 94% of suburbs have recorded uplift in their median house prices in the past 12 months.
Three-quarters of Melbourne suburbs have risen more than 5% and a third of suburbs have increased by over 10%, a notable performance given multiple lockdowns in the past 12-18 months.
This revival in Melbourne markets, confirmed by the price growth data, is widely spread across the metropolitan area. A dozen different municipalities have multiple suburbs with rising sales activity, including inner, middle and outer ring precincts of the city.
Regional Victoria remains a price growth leader, as sales activity continues to pump strongly across the state.
The number of places with rising sales activity has dropped from the peak achieved earlier in the year, but remains well above the historic average.
Even at a time of widespread and strong price growth across Australia, the results in Regional Victoria are exceptional, with virtually all towns and suburbs recording annual growth in their median house prices. Three-quarters of locations have lifted their median prices by more than 10%, with only three places failing to deliver price growth. In the most recent quarter, 97% of locations have had price increases.