Quarterly growth up regions

THE Real Estate Institute of Victoria’s latest December quarter data release has reinforced that Regional Victoria was the star of the 2018 property market.

While Metropolitan Melbourne’s median house price fell 3.7 per cent in the three months to 30 December 2018, Regional Victoria’s continued its upward trajectory, increasing by 2.5 per cent.

December was Metropolitan Melbourne’s weakest quarter for median house price growth but it was the second strongest for Regional Victoria.

Regional Victoria’s median house price soared $10,000 in three short months, going from $401,000 in the September 2018 quarter to $411,000 in December 2018.

The stand-out places were Golden Point with an 11.6 per cent increase to $370,000, Irymple with a 9.8 per cent increase to $351,500 and the tourism mecca of Daylesford which went up by 9.1 per cent to $600,000.

Newborough in Gippsland was number four on the list, recording an increase of 7.0 per cent to $251,500, followed by Ararat with a 6.8 per cent increase to $214,500 and Creswick where the median climbed 6.7 per cent to $357,500.

The REIV also recorded impressive quarterly results in Yarrawonga, Maryborough, Wendouree and Bell Post Hill, which all had increases of more than four per cent.

REIV property data is the most accurate and up-to-date in Victoria, collated and submitted directly by those working at the coalface.

As the State’s peak body for real estate agents, with around 80 per cent of agencies being valued members, the REIV is uniquely placed to access this raw data which is not subject to interpretation, speculation, assumptions or third-party sources.

To find out more about your local property market, visit the REIV website’s Market Insights page at reiv.com.au/market-insights.