EDITOR’S NOTE

Melbourne house and unit values have hit a record high. Yes, you read that right. It’s only been six months since Premier Daniel Andrews ended a COVID-driven ban on physical home inspections — breathing life back into Melbourne’s property market — and a touch over five months since auctions were allowed back on the streets. But the city’s recovery has been so swift, it has already regained the 6.1 per cent lost to home values during the lockdowns, plus a little extra, to sit above the previous peak from April 2020. And this is not likely to be where the recovery ends — CoreLogic research director Tim Lawless anticipates Melbourne values will stack on 10 per cent over 2021, boosting a typical home by $70,000. The market is so hot, about nine out of 10 auctions held during Victoria’s biggest auction blitz on record last week resulted in sales. Read about some standout results on P7. It has also been a big week for Victorian tenants and landlords, with all 132 rental reforms that passed parliament back in 2018 taking effect. Find out more on P9.