Melbourne house prices rebounded for a second consecutive quarter, increasing by 4.1% to $855,428 – the second-highest national increase in median house prices.
House prices were 10.7% below the December 2017 peak at the start of the year and are now just 5.9% below.
Melbourne median unit prices recorded the strongest national quarterly gain and their highest point on record in the September quarter, jumping 3.7% to $520,940.
Notably, house prices increased in Ballarat and Bendigo by 9.7% and 5.9% respectively.
Experts have attributed the positive results to the re-election of the coalition government, cuts to mortgage serviceability rates, eased lending restrictions and house prices still yet to peak.
Source: Domain House Pricing Report