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The median price for a house in Melbourne surged 25 per cent in 2007, to $463,488, making it the fastest growing of all Australian capital cities, according to new research by Australian Property Monitors.
The Real Estate Institute of Victoria, which publishes its own median house values, is expected to show a similar spike tomorrow when it releases its figures formally.
According to APM, the median house price increased strongly in all cities except for Sydney and Perth which are, ironically, the two most expensive cities in Australia.
Median house prices increased 20.1 per cent in Brisbane (to$425,368), 20 per cent in Adelaide (to $400,659) and 11.3 per cent in Hobart (to $280,854), according to APM.
Meanwhile in Sydney median prices increased 4.8 per cent for the year (to $553,357) while in Perth – which experienced a real estate boom in 2005 and 2006, median house prices increased just 1.7 per cent for the year (to $508,776).
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