Regional Victoria median house prices
The REIV June quarter median prices reveal that the median price of a house in regional Victoria has increased by 1.6 per cent to $325,000 from $320,000 in the March quarter. Over the past 12 months the increase has been 8.5 per cent.
In Melbourne the median house price increased by 5.4 per cent to $590,000.
This result confirms that, following a few years of turbulent conditions in the residential market, the last 12 months have recorded moderate and sustainable price growth.
This result is reflective of a market that is now stable, following the GFC and corrective action taken in response.
Over the medium term, local factors will continue to have an impact, in particular the health of the Victorian economy, population growth and the level of construction and supply.
Of the three main regional centres, strong demand was recorded in Bendigo, with a 4.5 per cent increase in the quarter to $287,500, followed by Ballarat, with a 1.3 per cent increase to $288,500; and in Geelong the median fell by 3.9 per cent in the quarter to $370,000 but was stable over the year.
In the City of Greater Shepparton there was a 3.6 per cent reduction to $280,000. In the Hepburn Shire a 0.9 per cent decrease to $353,000 was recorded.
The Shire of Macedon Ranges saw a 17.1 per cent increase to $575,000, similar to the Shire of Mount Alexander, where the median increased by 16.5 per cent to $405,000. These Melbourne type prices are a sign of increased demand for the entire corridor between Melbourne and Bendigo.
Median house prices in the Surf Coast Shire dropped by 12.8 per cent to $567,000.