MELBOURNE'S property market has hit a record high, with the median house value rising to $610,000.

It has been the well-heeled end of town leading the charge, RP Data figures show.

The previous peak, set in October 2010, was $593,600.

The RP Data-Rismark January Home Value Index, released yesterday, shows Melbourne's median house value rose about $22,500 (3.7 per cent) in January after last year falling just short of the 2010 high mark.

The figures show the top end of the market grew 13.4 per cent - after being worst hit by losses in 2011 and 2012.

The top-end rally was more than double the 6.2 per cent growth recorded by the market's most affordable sector.

Units, which notched a record in December last year, grew a further $1000 in January to a new median value of $480,000.

Only Sydney outpaced Melbourne's median annual house value growth, with improvements of 14 per cent compared to 12.4 per cent.

RP Data senior analyst Tim Lawless said growth in Melbourne was expected to taper off in the coming months.

"The previous peak was in October 2010, and as of ­January we're back at the record high, and in fact 2.6 per cent higher," Mr Lawless said.

"The January figure is very high; I'd be surprised if we saw this level of growth continue - I think Melbourne will slow down into the year."

Mr Lawless also admitted he had been wrong about ­Melbourne before. "It does continue to surprise to the upside. I'd have thought it would start to cool already," he said.

Rismark chief executive Ben Skilbeck said much of the activity had been driven by investors, though owner-occupier numbers were growing.

The Real Estate Institute of Victoria has also put Melbourne's median house price back into new record territory.

nathan.mawbynews.com.au

Originally published as House prices at record high