The typical Melbourne house is increasing in value by almost as much as the minimum hourly wage.

Data from the Real Estate Institute, published in the Herald Sun, reveals the typical Melbourne home price increased by $19 every hour last year.

Prices in 35 Melbourne suburbs grew by a staggering $1000 or more a day last year.

The median house price in Melbourne now sits at $1.07 million.

Shoreham and Flinders on the Mornington Peninsula topped the list for the suburbs with the fastest median house price growth last year.

Meanwhile, only four suburbs recorded a lower median price at the end of the year than at the start — South Kingsville, Brunswick East, Mont Albert and Deepdene.

President of the Real Estate Institute of Victoria, Adam Docking, says the price surge has been “the stand out success” in his 30-year real estate career.

“If you look at this quarter, this is the first quarter we came out of lockdown and it’s had all that pent up demand from lockdown.”

Press PLAY below to hear more about the house price surge + why apartments haven’t seen the same value increase