DESPITE generally subdued market conditions so far this year, Melbourne's median house price has remained relatively stable. According to Australian Property Monitors, Melbourne's median house price rose marginally by 0.9 per cent over the three months to May this year. This follows a similar rise of 1.1 per cent over the three months to April. Melbourne's western suburban region recorded the strongest growth in median houses prices, rising by 7.6 per cent over the March to May quarter. This region was also the most active in sales, with 1185 properties sold. Melbourne's southern suburban region also recorded notable median house price growth over the May quarter, rising by nearly 4 per cent. However, annual growth data reveals a different picture, with a number of suburban districts recording significant falls in median house prices. Melbourne's inner suburban region fell by 9.8 per cent, the Boroondara suburban region fell by 8.5 per cent and Melbourne's southern suburban region fell by 7.5 per cent over the year to May 2011.
