ONE “REIV data shows Melbourne's median house price increased by 3.9 per cent to $431,000 in the September quarter, while the median price of a unit or apartment rose by 5.1 per cent to $367,750.”

TWO "Investment in new dwellings in Melbourne has not kept up with demand and unless we build more accommodation where people want to live this shortage will persist," Mr Raimondo concluded.

THREE“…median in the Melbourne metropolitan area increased 13 per cent from $381,000 to $431,000 over the 12 months”

FOUR REIV CEO Enzo Raimondo said that the Residential Vacancy Rates in Melbourne was consistently low in 2007; at its lowest it was 1.2 per cent and at it highest, 1.6 per cent.

FIVE "The first quarter of the year is also a fairly active period for vacancies due to corporate relocations and demand for student accommodation, this will mean higher than normal competition and a reduction in the vacancy rate"