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Melbourne has followed Adelaide’s lead by posting a new record median price in the June quarter.
According to the Real Estate Institute of Victoria, Melbourne’s median house price reached $658,000 at the end of June.
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That represented a 16.7 per cent gain during 2013/2014 and 3.3 per cent growth during the quarter.
Unit and apartment prices recorded 9.1 per cent annual growth to reach a record median of $502,000.
Adelaide has also celebrated a record result after its median house price reached $415,000 at the end of June.
Real Estate Institute of Victoria chief executive Enzo Raimondo said the Melbourne market remains strong and continues to show solid gains.
"It was the city's middle-ring suburbs, highly sought after by buyers priced out of the inner city, which showed the most substantial house price growth,” he said.
Mr Raimondo added that the apartment market had slowed but still recorded 3 per cent growth in the June quarter.
"Apartments in the inner city, which had previously suffered from an oversupply, also showed strong growth as Melburnians embrace inner-city apartment living," he said.
[Related: Big rent jumps for Melbourne houses]
