Powered by MOMENTUM MEDIA
realestatebusiness logo

Breaking news and updates daily. Subscribe to our Newsletter!

Home of the REB Top 100 Agents
Breaking news and updates daily. Subscribe to our newsletter

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Victorian regional house prices break 20-year record

By Juliet Helmke
25 January 2022 | 1 minute read

Prices for regional Victorian houses increased by the greatest percentage in two decades during the previous 12 months, new data from the Real Estate Institute of Victoria (REIV) has revealed.

In 2021, the median house price in regional Victoria grew 27 per cent to reach a new high of $565,000.

Units and apartments also took a leap forward in the state’s non-metropolitan areas, recording annual growth of 19.6 per cent, bringing the median price to $395,950.

Advertisement
Advertisement

REIV president Adam Docking put the record year of growth down to the state’s appeal, coupled with changes brought about by the pandemic. 

“The data reflects the enduring attraction of regional Victoria as a lifestyle choice following two years of COVID-19 restrictions,” Mr Docking said.

Though he noted that the Victorian market had recorded large increases in bustling urban centres as well.

Melbourne recorded an annual increase of 18.9 per cent – the highest rate of growth in over a decade.

In middle Melbourne, a popular area for families, houses reached a median price of $1,230,000, with an annual increase of 18.3 per cent.

While in outer Melbourne, houses are on a trajectory of six consecutive quarters of growth, with a median price 16.4 per cent higher than they were last year, coming in at $815,000.

With the capital city experiencing protracted lockdowns that curbed real estate activity in 2020, it’s perhaps unsurprising that auction figures came in at 144 per cent higher in 2021 than in the 12 months prior.

The year ended with a forecast for further growth on the horizon. With 15,954 auctions and 12,794 sales, the December quarter recorded the strongest ever performance for both auction volume and sales in any quarter.

Mr Docking said that while he expects the market to stabilise eventually this year, the impact of the latest COVID-19 wave is still unclear.

“At this stage it’s too early to tell. Virus safety is front-of-mind and Victorians are well-adjusted to the protocols they need to prepare for when attending inspections,” he said.

“Major factors influencing the residential real estate market continue to be low interest rates, lifestyle choices as more people work from home and pent-up demand after the series of lockdowns over 2020 and 2021.”

Victorian regional house prices break 20-year record
Adam Docking reb
lawyersweekly logo

Tags:

ABOUT THE AUTHOR


Juliet Helmke

Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.

Rankings
rankings
JUST RELEASED
May 09, 2022

REB Top 50 Women in Real Estate 2022

REB is thrilled to present the Top 50 Women in Real Estate 2022 ranking, which sets t ... LEARN MORE

rankings
JUST RELEASED
May 04, 2022

REB Top 100 Agents 2022

Now in its second decade, the REB Top 100 Agents 2022 rankings are the most revered s ... LEARN MORE

rankings
JUST RELEASED
May 02, 2022

REB Top 50 Agents NSW 2022

Even a pandemic has not put the brakes on the unstoppable property market in NSW, whi ... LEARN MORE

rankings
JUST RELEASED
April 27, 2022

REB Top 50 Agents VIC 2022

The COVID-19 crisis has not deterred the property market in Victoria, which has been ... LEARN MORE

rankings
JUST RELEASED
April 25, 2022

REB Top 50 Agents QLD 2022

As the property market continues to roar in Brisbane and Queensland, the REB Top 50 A ... LEARN MORE

Coming up

rankings rankings
Do you have an industry update?

top suburbs

12 month growth
Mirador
103.33%
Bawley Point
98.13%
Walla Walla
90.7%
Byron Bay
86.67%
Kiama Heights
85.93%
Greta
84.14%
Nulkaba
81%
South Hobart
78.78%
Diddillibah
76.25%
Lennox Head
73.98%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to Newsletter

Ensure you never miss an issue of the Real Estate Business Bulletin.
Enter your email to receive the latest real estate advice and tools to help you sell.