Victorian property prices continue to rise

The Melbourne median property price rose 3.1 per cent to $388,000 in the last year according to figures released by the state government's valuer general.

In regional Victoria the median property price rose 1.7 per cent in 2008. In 2007, property prices rose by more than 8 per cent according to the valuer general.

The average price of units was up from $332,000 to $346,000. The median price for vacant land was up from $143,800 to $150,000.

Properties on the Mornington Peninsula performed the best with the median price in St Andrews beach rising 55 per cent to $620,000 and the median price in Portsea rising 47 per cent to $1.4 million.

Source: Herald Sun