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Unit price 'boom' in regional area

14 April 2014 Staff Reporter

Unit and apartments in regional Victoria have experienced significant price growth in the past three months.

According to the Real Estate Institute of Victoria (REIV), the unit and apartment median price grew by 8.2 per cent in the three months to March 31 this year, to $262,500.

House prices also grew to a new median price high of $322,000. However, the growth over the quarter was lower than unit growth, sitting at just 1.3 per cent.

CEO of REIV Enzo Raimondo said the growth across the state was the highest quarterly increase in almost a decade.

“Clearly, units and apartments are becoming increasingly popular as homebuyers in regional towns and cities look to one- and two-bedroom homes that meet their needs," he said.

“Sales of these homes were high for the quarter, with more than 500 unit and apartment sales across regional Victoria.”

Across the state the north east was a ‘hotspot’, with Benalla growing by 11.4 per cent in the quarter to a $235,000 median, and West Wodonga recording a 7.0 per cent rise, to a median price of $283,500.

Bendigo was the standout of Victoria’s major regional cities, with house price growth of 1.6 per cent for the quarter to a median price of $325,000. Ballarat was close behind with a rise of 1.4 per cent to a median price of $299,000.

Unit price 'boom' in regional area
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