Median price at $559,000

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MELBOURNE’S median house price rose nearly $500 a day to hit a record high of $559,000 in the June quarter.

The 8.5 per cent rise since the March quarter pushes the home ownership dream further out of reach of many young buyers, Real Institute of Victoria figures show.

The new median is up from $515,000 in the March quarter and represents a jump of $3385 a week, or $484 a day.

Buyers advocate Ian James, of JPP Buyer Advocates, said it was virtually impossible for young people to save as fast as property prices were rising.

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