REIV: Active local markets

The property markets in Mildura, Gippsland and the Geelong/Bellarine area have been the most active in regional Victoria over the past 12 months.

The Real Estate Institute of Victoria’s latest data reveals that Mildura again topped the regional list for number of sales of houses (564) and units (125). With the most recent Australian Census recording 9576 houses in Mildura, this means that almost six per cent of homes in the town changed hands in the past year.

We can assume that this strong activity is a product of low interest rates, an invigorated local economy, lifestyle offerings and increased attention from first homebuyers, families, investors and retirees.

The median age of Mildura residents is 39, the median monthly mortgage repayment is $1,231 and most houses are three or more bedrooms.

Traralgon recorded the second highest number of regional home sales at 513, ahead of Morwell at 308, Warragul at 280, Drouin at 256, Ocean Grove and Highton at 244, Belmont at 220, Alfredton at 203 and Echuca with 197 sales recorded.

In Sebastopol, 77 units changed hands over the past year, followed by Belmont (71), Ocean Grove (57) and Highton (54).

While the turnover has been high, the cost of buying a home in these areas is relatively affordable. In Mildura, the median house price is $270,000, while you will pay $292,500 for a home in Traralgon.

In the unit market, the median for Mildura is $200,000, $228,000 in Sebastopol and $404,000 in Belmont.

New Victorian Government incentives for first homebuyers are also likely to have had a positive impact on turnover in regional Victoria.

These include the removal of stamp duty for homes less than $600,000 and the doubling of the First Home Owners Grant to $20,000.

For more information on median house prices by town, visit reiv.com.au/market-insights.