Melbourne property buyers sold a record £1.2 billion in 2017, according to property website Zillow, beating the previous record of £871 million set in 2016.
Zillows data shows the average sale price for property in Melbourne was £9,976,842.
That compares with the previous highest sale price of £948,800,000 set in 2007.
The number of new listings has also risen by nearly a third since 2017, reaching 5,878,000.
The largest increase was seen in the southern suburbs of Melbourne, where the average price rose by £1,873,000 to £2.29 million.
Zills figures also show the average Melbourne home sold for £1 million in 2017.
It was the second-highest sales price in the region behind the Sydney market, where sales increased by £3.1 million to £3,843,000, while Perth was second with £1 billion.
Melbourne real estate sales in 2017: Zillowed The number, average and median prices for properties in Melbourne increased by 8% in 2017 to £9.6 million.
The average price in Melbourne has increased by 6.3% since 2017 and median sales price has increased 2.9% to £1million.
Melbourne home sales: Zills data Zillowns data shows Melbourne property prices have increased by a whopping 25.4% over the past three years.
Melbourne has had the most record-breaking increases in terms of average and sales prices, according the property website.
Property prices have risen at an average rate of 7.8% since the end of last year.
In the same time, median house prices have dropped by 11.6%.
Property values in Melbourne have risen by an average of 20.9 per cent since 2017.
Melbourne property market: Property website Zilloobservants data shows house prices are now at their highest level since the start of the millennium.
Melbourne house prices increased by 3.6% over 2017 to a record-high of £7.2 million.
Melbourne houses, property listings and median home prices: Zilloobs data Melbourne is a popular destination for home buyers and the home market is booming.
The value of the stock of homes in Melbourne is up by £100 million since last year, according Zillower.
The price of houses in Melbourne and Melbourne property listings has increased almost three times over the last 12 months.
Property listings have risen 12.5% to almost 1.7 million listings in 2017 from 5,500 in 2016, according data from Zillowitz.
Melbourne’s property market has been fuelled by a number of factors.
In 2017, the state’s property bubble burst, with the average house price increasing by £400,000 over the course of the year.
Property bubble: Zillerow data Melbourne’s housing market has seen a boom in demand for properties over the year as a result of the current economic climate, the Australian Bureau of Statistics data shows.
Homebuyers are searching for new locations, and many are looking to move out of the city to cheaper places with more flexible rental properties.
Home prices rose by an estimated £1 per square foot of land area in Melbourne, compared to £0.5 per square feet of land in Melbourne in 2017 and £0 and £1 in Melbourne last year respectively.
Melbourne is also the country’s biggest metropolitan area, accounting for over a quarter of the countrys total population.
The state’s economic boom has also contributed to the increase in Melbourne’s median house price, according Australia’s Housing Trends report.
Median house prices: Australia’s housing trends report The median price of a Melbourne home rose by over 5% in the past 12 months, with prices rising by £4,948 in the first six months of 2017, compared with a 10% increase in the same period in 2016 and a 15% increase for the same periods last year (Housing Trends 2017).
The median sale price also rose by nearly 5% to just over £2 million, according figures from Zilloow.
Melbourne median home price: Zillaobservant data Melbourne median house sale price has risen by almost 5% over last year to an average price of more than £2million.
The median sales Price of a house in Melbourne rose by 7.3 per cent in 2017 compared to a 9.5-per-cent rise for the previous year.
Melbourne market: Zellow data Median house sale prices in Melbourne are now in the highest growth range of any metropolitan area in the country.
In 2018, the median sale prices for the city of Melbourne rose 11.2 per cent to £8.9 million.
In 2020, the city experienced a 12.7 per cent growth rate, the highest in the world.
Zellows data Zellowitz data shows median home sale prices have climbed by a remarkable 22.8 per cent over the period to £4.8 million in 2018.
The growth rate is