Buyers, powered by record-low mortgage rates and untethered by the pandemic, continue to outnumber sellers, resulting in intense competition and rising prices.

The national median home price rose 2.8% year over year to an all-time high of $311,300 in June, even as new coronavirus cases began to increase again, more than doubling during the month. Home prices typically peak in June each year before trending down slightly through January, but given the pent-up demand that remains following the spring shutdowns, this year has been anything but typical so far, and it’s possible prices may continue to rise further before

Victorian homebuyers are yet to fully embrace apartment living, suggests research showing just a quarter of the state’s apartment residents own their homes.

The apartment sector remains an investor-dominated market, with tenants making up 50 per cent of the property type’s occupants, according to a new University of New South Wales report.

In comparison, 14 per cent owned their home with a mortgage and 11 per cent owned outright.

RELATED: Melbourne suburbs where units are cheaper than 2015

Demand for Melbourne units rises amid COVID-19

Swanky Toorak apartment with basement dubbed