Steady growth for regional Victoria

by Julia Corderoy21 Jul 2014
House prices in regional Victoria are following the same trend as house prices in the city with steady growth this quarter.

Quarterly data from the Real Estate Institute of Victoria (REIV) saw the median house price across regional Victoria reach $327,000, a 0.8% increase on the previous quarter. This took the region’s year-on-year increase to 4.1%.

The largest growth this quarter was seen in the Colac-Otway region, where the median house price rose by 8.3%. Other strong growth was recorded in Benalla (5.3%), Macedon Ranges (4%) and the City of Greater Shepparton (3.1%).

The City of Greater Bendigo recorded one of the highest median house prices, reaching $335,000, thanks to the Bendigo Hospital project boosting demand in this area.

REIV chief executive Enzo Raimondo said regional Victoria can cater to many markets.

“Regional Victoria compromises many markets driven by individual factors such as transport links, employment opportunities, proximity to Melbourne or to amenities such as the coast or snow,” Raimondo said.

The areas recording the most growth in the survey were areas offering "country" lifestyle, yet still within commuting distance of Melbourne.