South Melbourne house prices have surged by almost 40 per cent in the past quarter, making it the suburb with the second-fastest growth in Melbourne from June to September.
Figures released by the Real Estate Institute of Victoria also reveal South Melbourne house prices increased by more than 55 per cent in the year to September.
Only Malvern, Toorak, Hawthorn East and Kew had bigger price rises last year. The price for a median house in South Melbourne reached $950,000 in September compared with $611,000 a year earlier.
But even this price tag doesn't put it among the top 10 most expensive suburbs in Melbourne. In Port Phillip, only Elwood makes the list, at number nine with a median house price of $1,100,000.
Elwood property prices have increased almost 60 per cent in the past 12 months.
REIV chief executive Enzo Raimondo said units and apartments continued to be popular in bayside suburbs, particularly Beaumaris and Black Rock.
Port Melbourne and South Melbourne the eighth and ninth most expensive suburbs for apartments with median prices of $533,500 and $510,000 respectively.
St Kilda East recorded a 23 per cent increase in the median house price in the quarter to September, putting it at number six on the fastest growth list.
Overall, the Melbourne median house price increased by almost 4 per cent in the quarter of September to $431,000.
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