Pockets of success

The REIV’s latest analysis of sales volumes shows that Gippsland’s property market recorded the largest increases in the state last year.

While the volume of property sales dropped around 20 per cent overall in Victoria in 2018, there were some pockets of success in regional Victoria.

Of the top 10 list of the biggest increases in terms of sales volumes, nine were country towns with just one metropolitan suburb making the top 10. This is reflective of the broader trend that the REIV is seeing, with Victoria’s regional property market faring better than metropolitan areas.

The Gippsland region recorded the largest increases in property sales in 2018 with half of the top 10 towns located in the region: Yarram, Traralgon, Churchill, Sale and Morwell.

Yarram topped the list with 58 sales, almost double the 30 recorded in 2017, representing an increase in sales volumes of 93.3 per cent.

Churchill recorded a 33.3 per cent increase in sales from 102 to 136, while the major township of Traralgon was home to 172 more sales last year compared to 2017, a 27.9 per cent increase. There were 13.6 percent more sales in Sale (pardon the pun) and 6.8 per cent more sales in Morwell, comparing 2017 with 2018.

Ivanhoe East ranked second on the list with a 40.3 per cent increase, the only metropolitan suburb to make an appearance.

Ararat’s property market was buoyant in 2018, recording 218 sales, up from 172 in 2017, representing a 26.7 per cent increase. Sebastopol wasn’t far behind with a 24.4 percent increase in sales volumes.

Rounding out the top 10 was Mooroopna with an 18.4 per cent increase in property sales and Portland with an 11.4 percent increase.

Visit the REIV’s Market Insights page to research what is happening in your town’s property market.