The Real Estate Institute of Victoria released its December 2011 figures last week, which showed that many suburbs recorded fewer than 30 house sales for the quarter. REIV chief executive Enzo Raimondo said overall transaction numbers were significantly lower than at the same time the previous year.

Ivanhoe's median house price jumped 23 per cent, from $960,000 to $1.25 million.

Prices fell 8 per cent in Greensborough, from $522,944 in the September quarter to $480,000 in December.

Barry Plant, director of Barry Plant Real Estate, said median house price figures from the last quarter were tough to judge as clearance rates were low, so current medians were not necessarily true indicators of values.

Mr Plant said this was especially true of suburbs such as Ivanhoe, which had low turnover rates and homes that tended to stay in families long-term.

He expected sale numbers to grow throughout 2012, given there was plenty of stock on the market and there had been two interest rate decreases in the lead-up to Christmas.

Mr Raimondo said figures from the December quarter showed increased stability compared to the September quarter, when figures showed an average median house price drop in metropolitan Melbourne from $567,500 to $540,000.

He credited two interest rate cuts last year for the increases and improved stability.

The median house price in metropolitan Melbourne was $550,000 in the December quarter, up nearly 2 per cent from the $540,000 September median.