MELBOURNE’S median house prices sky-rocketted an extra $70,000 this week, meaning rental prices will also go up for those who rent.

It’s a staggering amount for those who want to buy houses as they prices continue to soar.

The Age reports that the median house price hit $540,500 in the three months to December, to be 15 per cent more expensive than the previous record of $470,000 set in the September quarter, according to the Real Estate Institute of Victoria. The median is the middle price of all house sales recorded in the quarter.

Price inflation was most dramatic in the middle market of between $500,000 and $900,000, a segment characterised by second-time home buyers and wealthy investors.

But if you’re a home owner, you would be thinking that you have just won tattslotto with the price of your property going up.

That’s the good thing about buying property – the only way is up.

Property, particularly in growing areas, is something that will always go up.