Historic house prices in regional Victoria

Historic house prices for regional VictoriaTHE median house price in metropolitan Melbourne is $1.1 million and $559,500 in regional Victoria, according to data released this month from the Real Estate Institute of Victoria.

The REIV’s latest quarterly report revealed that metropolitan Melbourne is holding steady above $1 million and is confirmation that the historic March quarter result was not a one-off spike following the 2020 lockdowns.

Regional Victoria’s 10.5 per cent quarterly growth and almost 20 per cent annual growth in house prices – the highest on record – reaffirms the trend in ‘sea change’ investment and relocation.

“The stand-out insight from REIV’s June quarter report is the propensity for buyers to genuinely consider regional Victoria as an attractive option for living and investing,” Ms Calnan said.

“We know that COVID-19 has created flexibility in employment arrangements and hybrid working models are allowing people to set their property sights beyond Melbourne.

“It’s also true that there are plenty of investment opportunities in regional areas.”

Ms Calnan added that the Victorian Government has also been active in providing incentives for businesses and residents to set up shop and home in regional Victoria.

Other key findings from the include that the days on market (private sale) for regional Victoria was now 29 days, five days below the metropolitan median figure of 34 days.