MEDIAN house prices across regional Victoria have demonstrated resilience despite a challenging few years, according to the September Quarterly Median Report published last month by the Real Estate Institute of Victoria (REIV).
House prices in regional Victoria fell 2.8 percent to $603,000 and units fell 2.3 percent to $422,500, this quarter. Compared to metropolitan Melbourne, where house prices fell 7.4 percent during the same period, dipping below the $1M median house price mark to $993,000 – property prices in the regions have remained persistent.
Annual median data shows Victoria’s property sector has shown solid growth over the past 12 months. Regional Victorian houses and units delivered double-digit annual growth in the 12-month period, with house prices climbing 15.5 percent. In Melbourne, house prices rose 9 percent since September 2021.
REIV president, Andrew Meehan said the September quarterly had created attractive buying opportunities for Victorians, while strong longer-term market fundamentals prevail.
“The upwards trends we continue to see in the annual data suggest that there is significant long-term confidence underpinning both transaction activity and real estate prices across the state,” said Mr Meehan.
“It’s pleasing to see property transactions have not slowed materially, with a high volume of vendors listing their properties and plenty of undeterred buyers. Looking ahead, these factors, combined with the RBA’s lower-than-expected rate rise in October, are an encouraging sign of our real estate market’s long-term health.”
