Core Viewpoint - Melbourne's property prices have been rising since April, with expectations to reach new historical highs before Christmas, driven by market confidence and anticipated interest rate cuts [1][3]. Group 1: Price Trends - Nearly 380 suburbs in Melbourne have seen property price increases over the past three months, with Frankston North and Brooklyn leading the gains [1]. - The median house price in Melbourne is projected to exceed AUD 1 million by December, currently sitting at AUD 979,979 [1]. - In June, the median house price in Melbourne rose by 1.6% compared to the same period last year [3]. Group 2: Market Dynamics - The current market is characterized by a "fear of missing out" among buyers, contributing to increased competition [3][5]. - Record inquiry levels from buyers, including interstate investors, have been noted, indicating heightened market activity [5]. - Areas with median prices below AUD 1 million are experiencing intense competition among buyers [5]. Group 3: Suburb Performance - The highest price increases in the second quarter were observed in certain suburbs, with growth rates reaching 4%-5% [7]. - Specific suburbs such as Glen Huntly, Wandong, and Braeside have notable median prices, with Glen Huntly at AUD 1,507,058 and Braeside at AUD 1,530,522 [8]. - Frankston North's median price increased by nearly AUD 22,000 over three months, attracting various buyer demographics due to its community amenities [10]. Group 4: Buyer Demographics - First-time homebuyers, investors, and retirees are actively seeking properties in popular areas like Frankston North, driven by its proximity to beaches and quality infrastructure [10]. - The popularity of Collingwood is attributed to its closeness to the CBD and vibrant local amenities, with a median price increase of 3% [12]. - Williamstown North is favored for its lifestyle and affordability, appealing to young families and professionals [12].