The median house price in metropolitan Melbourne is $1,010,000 and $559,500 in regional Victoria, according to recent data released from the Real Estate Institute of Victoria.<\/p>\n
The REIV\u2019s June quarterly report reveals 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.<\/p>\n
Regional Victoria\u2019s 10.5 per cent quarterly growth and almost 20 per cent annual growth in house prices \u2013 the highest on record \u2013 reaffirms the trend in tree or sea change investment and relocation.<\/p>\n
REIV President Leah Calnan said that as expected, the metropolitan market is holding its strong position as interest rates remain at record lows.<\/p>\n
\u201cBuyers and sellers across the state are still active within a growth market, with all metrics holding strong,\u201d Ms Calnan said.<\/p>\n
\u201cWinter is typically a relatively low activity period but this year was different \u2013 Victorians are out there making property decisions,\u201d she said.
\nMany factors have contributed to the above-average number of sales during the June quarter, including an end to some stamp duty incentives.<\/p>\n
\u201cWith stamp duty concessions for first home buyers ceasing at the end of June, we saw enthusiastic interest in the weeks leading up to 30 June,\u201d Ms Calnan said.<\/p>\n
\u201cThe stand-out insight from REIV\u2019s June quarter report is the propensity for buyers to genuinely consider regional Victoria as an attractive option for living and investing.<\/p>\n
\u201cWe know that COVID-19 has created flexibility in employment arrangements and hybrid working models are allowing people to set their property sights beyond Melbourne.<\/p>\n
\u201cIt\u2019s also true that there are plenty of investment opportunities in regional areas.\u201d<\/p>\n
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.<\/p>\n
Hayeswinckle Drysdale sales consultant Michaela Miller said the endless benefits of living in Geelong and surrounds continue to see our market go from strength to strength.<\/p>\n
\u201cFor the last five to seven years, our small, humble town has steadily grown in popularity with Melburnians, however the last 12 months in particular has seen the biggest spike,\u201d Ms Miller said.<\/p>\n
\u201cThose yearning for the perfect work\/life\/play balance find Geelong, The Bellarine and Surf Coast the perfect place to plant their roots.<\/p>\n
\u201cEvery suburb across the region has had its own boom, and the low days on market matched with heated buyer competition, prices have soared.<\/p>\n
\u201cWhere else can you work in a major city, and then retreat to your own slice of paradise within 50 minutes, surrounded by the beautiful Bay, Wineries and the enviable \u2018coastal meets rural\u2019 lifestyle?\u201d<\/p>\n
Other key findings from the June report include:<\/p>\n
The City of Greater Geelong recorded a median house price of $695,000, a 7.9 per cent quarterly increase from its March median of $644,000<\/p>\n
An increase from 155 to 177 metropolitan suburbs with at least $1 million median house prices<\/p>\n
June quarter 2021 saw the highest number of auctions held and sold for any June quarter, with 11,904 reported and 9,880 sold<\/p>\n
Days on market (private sale) for regional Victoria was 29 days in June 2021, five days below the metropolitan median figure of 34 days.<\/p>\n
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The median house price in metropolitan Melbourne is $1,010,000 and $559,500 in regional Victoria, according to recent data released from the Real Estate Institute of Victoria. The REIV\u2019s June quarterly report reveals that metropolitan Melbourne is holding steady above $1 million and is confirmation that the historic March quarter result was not a one-off spike […]<\/p>\n