Victorian property market in peak form pre COVID-19
REIV president Leah Calnan says the Victorian property market achieved record-breaking growth prior to the outbreak of the coronavirus, with the REIV quarterly median house and unit for the March quarter revealing great results across the state.
Growth continued evenly across regional Victoria, including the Geelong region with gains in both units and houses.
Greater Bendigo has fared very well featuring five suburbs in the list of top 20 suburbs for quarterly growth for regional Victoria.
During the March quarter metropolitan, houses soared to a new record height, eclipsing $890,000 for the first time, a 3.7 per cent growth on the previous December 2019 quarter.
Metropolitan units followed this strong trend reaching more tha $640,000.
Records were smashed in the outer Melbourne region with both houses and units reaching new high values.
While Inner and Middle Melbourne, the price of units grew to new heights and even outperformed the growth of houses in those regions.
REIV president Leah Calnan said the March quarterly medians shows that the Victorian property juggernaut was in peak form before the outbreak of Covid-19.
“2020 has been an amazing year for real estate; property values have reached new heights across the state during January, February and March.” Ms Calnan said.
“Investors in the Victorian property will be thrilled with these figures, units and houses have soared in value; our market is in red hot form.”
“Victorian property owners are reaping the rewards, and a strong buyers’ market has led to property values undergoing unprecedented growth.”
“Our local market is strong and resilient; buyers from across the globe are have shown great interest in Victoria.”
“Everybody wants to get in on the action; we were regularly getting over 1000 homes sold at auction over a weekend, competition for houses in Victoria remains strong.”
“In chaotic times such as we are battling now, it is a much welcome relief to be able to see some good news, Victorian real estate is in great condition.”
“Our industry is strong, and we will survive the coronavirus. The desire for Victorian real estate is high, and when this is over we look forward to more fantastic results.”