January 27th, 2020REIV regional insight

REIV president Leah Calnan said the Victorian property market continued its strong run with the latest REIV quarterly median price data showing that many price records have been eclipsed throughout the state.

House prices are up in regional Victoria by 2.2 per cent in the latest REIV December 2019 quarterly data, setting a new median price record of $422,500.

Regional units are up by 3.2 per cent, having climbed to $307,500 which is a new high.

Ms Calnan said the December quarterly medians show the long-term strength of the Victorian property market, returning to strong growth after a short period of uncertainty.

“These are outstanding figures. The Victorian real estate sector continues to soar and set new heights,” Ms Calnan said.

Strathdale (15.3 per cent), Portland (9.8 per cent) and Ballarat Central (6.2 per cent) all recorded growth above 6 per cent for the quarter.

Churchill, Morwell and Stawell have been identified as the most affordable suburbs to purchase property in regional Victoria.

Bendigo (26.4 per cent) and Portland (22.27 per cent) are the consistent performers, having achieved the highest growth out of any regional Victorian suburbs over the past year.

Ms Calnan said the latest REIV quarterly median price data shows that Victoria’s property sector has achieved new heights across most metrics.

“Buying in Victoria is a great investment; house and unit values are growing across the entire state,” Ms Calnan said.

“Victorian real estate record growth during the December quarter will put smiles on a lot of faces; anybody who invested here is getting a great return. 

“With new high prices being set, Victorian real estate is undergoing a golden patch of form, which is great news for everyone.

“These numbers will attract investment from across the globe, and our beautiful region is the envy of the world.”