Regional Victoria properties snapped up in surge

Victoria’s regional house sales are booming, but the situation in other states hints at more growth to come. Check out the country regions where prices and demand are hot.

Median house sale prices in Surf Coast Shire have increased 7.7 per cent year on year.

REGIONAL Victoria’s property boom has definitely arrived.

Figures released last month by data company CoreLogic showed country Victoria housing sales rose 6.5 per by median value, to $427,444, and 9.2 per cent by volume, to 29,723 completed sales, in the 12 months to January 2021. But the strong growth is nothing compared to gains made in other states.

“Even though we have seen regional Victoria’s housing values go up 6.5 per cent, it is actually one of the lower performances across the states,” said CoreLogic research director Tim Lawless.

Outside major capital cities, NSW housing values are up 9.5 per cent, Queensland up 7.7 per cent, SA up 10.6 per cent and Tasmania up 12.1 per cent.

“The only market doing worse is regional West Australia that is down 2.6 per cent, and that’s mostly attributable to the southeast area of WA, which is still in drought and dragging things down,” Mr Lawless said.

“The second round of lockdowns in Victoria seems to have really disrupted economic activity.”

With COVID outbreaks now under control, Mr Lawless expected even more dramatic growth for country Victoria areas this year.

“I wouldn’t be surprised if we started to see some of the regional areas across Victoria performing equally, if not more strongly, than NSW,” he said.

These regional markets stand out from the crowd.

BALLARAT

WITH the nation’s shortest average time on the market of 27 days, houses and units in the Gold Rush city are being snapped up like hot cakes.

And the rental market is just as tight. Kiri Burji and her family moved to Ballarat from Melbourne in February. They are renting while they look for the right place to buy.

“The rental market in Ballarat is insane,” Kiri said. “If something comes on, it is gone within an hour almost. Perhaps it is buoyed by the fact there are so many people going down the road of moving from the city to regional Victoria.”

CoreLogic’s Tim Lawless said Ballarat’s house value growth was driven by simple economics. “It does seem to be the case there is shortage of supply compared to how many people want to buy,” he said.

Median price: $484,120

Annual growth: 7.1 per cent

Volume: 6.3 per cent DOWN

HORSHAM

WITH an affordable median house price less than $300,000, Horsham in northwest Victoria has posted double-digit annual price growth and has a short 27-day median time on market for houses. Local estate agent Mark Clyne, of Horsham Harcourts, said prices were at an all-time high for Horsham, and there was huge demand for properties in the $600,000-$800,000 bracket, with government subsidies putting pressure on new-home construction.

“We are growing at a rate we haven’t seen before,” Mr Clyne said, adding that industry expansion in mineral sands, pulse crop processing and renewable energy was attracting buyers.

Median price: $266,536

Annual growth: 12.2 per cent

Volume: 24.4 per cent UP

NORTHERN GRAMPIANS

SOME of the greatest price gains have been made in the Northern Grampians, up 15.1 per cent, Ararat, up 17.7 per cent, and stretching north into the Wimmera and Mallee across Yarriambiack Shire, up 17.6 per cent.

Median price: $230,417

Annual growth: 15.1 per cent

Volume: 5.3 per cent DOWN

TOP FIVE REGIONS BY MEDIAN HOUSE PRICE

Queenscliffe, $1.11 million

Surf Coast, $1.06 million

Golden Plains, $711,981

Hepburn, $627,024

Greater Geelong, $625,349

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