Regional Victorian home values increase significantly during last 12 months
Regional Victoria has seen house prices rise again during the last quarter, with new data released by the Real Estate Institute of Victoria (REIV) measuring the degree of growth occurring across the area. This could be great news for anyone interested in selling their property in the near future, or those with a growing residential investment portfolio across the region.
REIV Chief Executive Officer Enzo Raimondo said the median house price had grown by 0.8 per cent over the last quarter, reaching $327,000 over the three months to June 30. While this growth was slower than the previously recorded levels - with property prices growing by 1.3 per cent over the quarter before - the year-on-year growth for the median house prices was impressive. Over the last 12 months, houses in the region rose by 4.1 per cent.
"Although the median price fell in some centres in the June quarter, in some of these this followed substantial growth, so the 12 monthly figure still showed healthy growth. For example, in Ararat the median fell 1.8 per cent, but the annual change was an increase of more than 20 per cent," said Mr Raimondo in a July 18 statement.
He went on to state that factors like transport links, amenities in the area, employment opportunities, the proximity to Melbourne and the development of resources were all things to consider when people were deciding to move into regional Victorian property. Therefore, there are degrees of variation in growth levels across the area, as more people begin concentrating in different areas.
For example, Mr Raimondo pointed out the growth of Greater Bendigo, where the median price rose by 1.5 per cent during the June quarter to a price of $335,000. This reflects an annual growth of 7.9 per cent, as housing demand grows following the announcement and commencement of the New Bendigo Hospital project - which is expected to enrich the local community heading into the future.
Furthermore, the City of Greater Geelong saw an annual growth of 3.9 per cent, while the City of Greater Shepparton rose by a huge 6 per cent over the last 12 months. Now could be a great time to get in contact with a real estate agent to discuss selling your regional real estate in the coming months. As the market continues to grow, securing a great return could be just on the horizon.