How regional Victorian house prices have changed this year

Regional Victorian property prices have “varied greatly” this year, with some towns recording double-digit growth in values. See the suburbs with the largest increases and decreases across the state.

Regional house prices have remained flat across Victoria so far this year – but by township, changes in values have “varied greatly”.

The median regional Victorian house price has declined by $4000 to $605,000 so far this year, with some regions in northern Victoria recording incredible price growth, while others have seen values decline by double digits.

Leading the state is the East Gippsland locality of Wurruk, 5km west of Sale, which has recorded a 51.8 per cent increase in the median house price, rising to $670,000.

Medians have also soared in Cohuna and Elmore, rising by 38.2 and 34.7 per cent respectively to $380,000 and $477,000 each.

House prices have also strengthened in parts of the Goulburn Valley with Seymour, Euroa, Kyabram and Numurkah all recording double-digit value growth.

In Seymour, prices climbed by 24.1 per cent to $490,000; by 20.6 per cent in Euroa to $450,000; Kyabram, 17.5 to $477,500; and 15.9 per cent in Numurkah to $365,000.

Kevin Hicks Real Estate principal and director Kevin Hicks said demand for property in the Goulburn Valley had returned to pre-Covid levels, but was buoyed by strong local employment prospects.

“There’s not an oversupply in the market, especially at this time of year, and there is a sustainability in the price,” Mr Hicks said.

“The region continues to offer security with top end jobs and the cost of new builds is significantly higher so the demand for older, established homes is remaining strong and desirable.”

However, townships in parts of Gippsland and surrounding Ballarat have had much weaker returns with median house prices falling by about a fifth.

Heyfield have seen median house prices drop to $300,000, after a 20 per cent drop in values.

In the Goldfields, Symthes Creek and Newington have seen the greatest falls in median house prices, losing 27.4 and 25.3 per cent respectively, with values falling to $627,500 and $590,000.

In Gippsland, Wy Yung and Heyfield have seen prices drop to $695,500 and $300,000, a percentage decrease of 21.6 per cent and 20 per cent respectively.

REIV president Jacob Caine said Victoria’s property market was well balanced, offering opportunities for both buyers and sellers.

“While overall price movement was minimal throughout the year, each suburb and town has varied greatly in performance,” he said.

“We saw pockets of high price growth across both Melbourne and regional Victoria, as well as pockets of improving affordability.”

Originally published as How regional Victorian house prices have changed this year