Melbourne house prices in ‘bubble’ for first time since 2009

A new report from property agent CoreLogic has found Melbourne’s house prices are “in a bubble” with a median price of $1.5 million.

The Melbourne Property Council said it was a sign the market was in the midst of a “transition” and said there was a “need to look at ways to keep prices stable and affordable”.

A house in Melbourne’s CBD in December 2009.

The report found the median house price had risen to $1,535,838 last year from $1:1,567,500 in 2017, a 20 per cent increase in just eight years.

It also said Melbourne’s population was growing and many properties were being snapped up by investors.

“This report shows that a strong economic recovery is driving price increases,” CoreLogics managing director Nicky Doolan said.

“The market has continued to struggle in recent years, as a result of weak fundamentals and the rapid transition from the mining boom.”

Despite the strong economic outlook, it is important to recognise that these trends are being driven by a number of factors, including a continued tightening of supply and a sharp increase in demand.

“CoreLogics has been working with the ABC to help the media understand the housing market.

CoreData has a number on its website that allows you to compare home prices across different parts of Australia and the global market.

It is a snapshot of the housing markets in Australia.

There are a number options for consumers to view their current prices and how much they are paying for their property.

To view the CoreLogicas median price for your home, click here.

Find out more about CoreLogica’s housing survey, including the full list of questions and answers, by clicking here.