Melbourne housing values recovered from the -11% fall between 2017 and 2019, and the -5.6% drop in values through the worst of the COVID-related downturn, to set a new record high for dwelling values in March.
The median house value is approximately $860,000 while the median unit value reached $593,000.
Local market activity has ramped up over the past six months.
Over the March quarter, the estimated number of home sales is tracking 17% higher than at the same time last year.
This surge in activity is happening across a relatively low supply level, where total listing numbers are only 1.5% higher than a year ago.
Across the sub-regions of Melbourne, the Mornington Peninsula stands out with the fastest rate of growth.
Housing values across the Peninsula were 8.6% higher over the March quarter alone.
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