House Prices Take a Dive in Wodonga and Shepparton
In the last 12 months, the Victorian cities of Wodonga and Shepparton saw a dip in their median house prices of up to 10%.
The most recent Land Victoria property sales report showed that the median house price in Wodonga decreased from $274,000 to $245,000 during the course of last year.
Shepparton experienced a fall of slightly more than 3% in its median house price – from $230,000 to $222,000.
According to Robert Larocca from the Real Estate Institute of Victoria, these figures are a reflection of the current downturn in the economy. He said that all of Victoria experienced a slow real estate year as a result of low consumer confidence.
However, Larocca explained that the market was improving as consumer confidence was on the rise.
More impressive growth was seen in other Victoria areas like Wangaratta, Yarrawonga and Echuca, all of which saw an improvement of 7 to 10%.