Despite enduring the world’s longest lockdown, Melbourne’s median house price has broken through the $1m barrier in yet another sign of the strength of the local market.

Recent data released by the Domain House Price Report shows the median house price rose by 1.6 per cent to a record $1,037,923 in the three months to September 2021; annually, Melbourne’s house prices are up by an incredible 16.8 per cent — that’s almost $150,000.

With in-person inspections and auctions now back in play after restrictions were lifted in late October, the market is expected to strengthen further, and although property listings significantly increased in the four weeks to October (up by a whopping 118.5 per cent according to Domain’s data), demand still outweighs supply given the huge number of buyers active in the marketplace.

Today, we saw first-hand the imbalance between active buyers and homes available for sale, with large turnouts at our open homes and auctions. While there were many happy new home owners and champagne-popping vendors, a number of underbidders missed out yet are still extremely motivated to buy.

Here’s a snapshot of today’s star performers:

• 9 Lambert Place, Doncaster East sold for $1,700,000
• 21 Rae Street, Templestowe Lower sold for $1,611,000
• 27 Marianne Way, Doncaster sold for $1,580,000
• 88 The Grange, Templestowe sold for $1,550,000
• 71 Sheahans Road, Bulleen sold for $1,537,000
• 133 Swanston Street, Templestowe Lower sold for $1,520,000
• 16 Jefferson Grove, Doncaster East sold for $1,417,000
• 23 Philip Avenue, Doncaster sold for $1,452,000
• 140 Church Road, Doncaster sold for $1,300,000
• 2/17 Park Road, Donvale sold for $1,299,000
• 46-50 Williams Road, Park Orchards sold!
• 307/5 Sovereign Point Court, Doncaster sold!
• 34 Asquith Street, Box Hill South sold for $1,810,000
• 1 Glenfern Court, Blackburn South sold for $1,726,000
• 2/2 Trevor Court, Nunawading sold for $975,000
• 62 Kalbar Road, Eltham sold for $1,361,000
• 22 Haldane Road, Eltham sold for $975,000
• 33 Winston Road, Viewbank sold!
• 3 Baxter Street, Eltham sold!

Currently under offer and will be sold soon:

• 38-40 Ennismore Crescent, Park Orchards
• 139 Landscape Drive, Doncaster East
• 240 Williamsons Road, Templestowe
• 5/5 Firth Street, Doncaster
• 27 Johns Grove, Doncaster East
• 46-50 Williams Road, Park Orchards
• 107/195 Thompsons Road, Bulleen
• 2/5 Foote Street, Lower Templestowe
• G16/1 Red Hill Terrace, Doncaster East
• 61 Rose Avenue, Templestowe Lower
• 108/8-10 Hepburn Road, Doncaster
• 24/330 Springvale Road, Donvale
• 2/42 Glenburnie Road, Mitcham
• 3 Kent Close, Blackburn North
• 73 Kalbar Road, Eltham
• 1/34 William Street, Greensborough
• 2/17 Glen Katherine Drive, St Helena
• 6/3-5 Chauvel Street, Heidelberg
• 22 Haldane Road, Eltham South
• 153A Ryans Road, Eltham North
• 1/34 William Street, Greensborough
• 204/109 Inkerman Street, St Kilda

As we head into November for the final stretch of the spring selling season, there’s still plenty of time to buy before Christmas or list your home to capitalise on the strength of the current market.

Enjoy the rest of your long weekend,

Spiro Drossos - Managing Director/Auctioneer
Manningham | Eltham | Ivanhoe-Heidelberg | Whitehorse