December Quarter 2023 Median Prices

Houses and units soar across Melbourne’s east, defying Victorian market trend

While median house and unit prices across Victoria saw a stable but subdued performance in the fourth quarter of 2023, Melbourne’s eastern and south-eastern suburbs defied the remainder of the state with solid growth.

According to the Real Estate Institute of Victoria’s median data for the quarter ending 31 December 2023, Frankston South was among suburbs with the highest quarterly growth, with houses climbing 39.5 per cent in the fourth quarter to $1,420,000.

In the Yarra Ranges, Lilydale ($1,025,000) was one of several suburbs to enter the million-dollar club, recording 20.6 per cent growth to achieve the milestone for the first time. Ringwood North houses increased 11.5 per cent quarterly to $1,388,000, while Forest Hill saw 10.4 per cent growth with a median house price of $1,325,000.

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