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Melbourne records strong property market
16 May 2013According to Australian Property Monitors, median house prices in the city increased by 3.6 per cent in the three months to March, and unit prices lifted 2.6 per cent.
The city recorded the highest quarterly price increases in the country.
The Australian Property Monitors senior economist Dr Andrew Wilson says the Melbourne market is making up lost ground.
"Melbourne's coming from a low base so there's a lot of value perceptions in the Melbourne market particularly in the upper end of the market," he said.
"Even though we've seen quite strong price rises in Melbourne over the quarter, the median house price still remains 4.2 per cent below it's previous peak, so it's still playing catch up."
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