According to Realestate, last year, median house prices in some parts of Melbourne increased by more than AUD 2,000 per day. According to CoreLogic’s latest research data, the median price increase for Toorak and Princes Hill per day exceeds the average weekly income of Melbourne families.

It is reported that in the year ended September 30 last year, Toorak’s median house price reached A$4.9 million, an increase of A$2,322 per day. The median house price in Princes Hill was A$1.98 million, an increase of A$1668 per day.

In addition, there are also 3 urban areas whose median house price growth rate has reached 4 digits per day, namely St Kilda West’s daily increase of A$1506, median house price of A$2.42 million; Carlton’s daily increase of A$1320 and median house price of A$1.465 million. Flinders increased by 1044 Australian dollars per day, with a median house price of 1.426 million Australian dollars.

During the same period of time, the median price increase for Canterbury, Armadale, and Mont Alberta also exceeded AUD 900. Collingwood and St Kilda are over 850 Australian dollars.

According to the latest census data, the Melbourne family’s average weekly income is AUD 1,542.

Nerida Conisbee, Realestate’s chief economist, said that the median increase in house prices in some urban areas has been “stunning”. These areas can be enthusiastic buyers, mainly because there are first-class shops, schools and transportation hubs, while also close to the CBD.

In the past year, due to low interest rates and high demand for high-end homes, Toorak’s housing market has grown extremely strong. St Kilda and St Kilda West’s house price growth benefited from lifestyle impacts. Melbourne is regarded as the most livable city in the world, and St Kilda West is considered the most livable city in Australia, so the city is very popular with buyers.