Value growth for Victorian regional property
House prices across regional Victoria have continued to rise over the last quarter, which could provide fantastic incentive for those interested in taking out a home loan and pursuing their own slice of real estate in the region, especially with continued growth of capital gains across the area. The latest data from the Real Estate Institute of Victoria (REIV) has found the median price for residential property rose to $327,000 over the three months to June 30.
REIV Chief Executive Officer Enzo Raimondo said this represented a 0.8 per cent rise over the previous quarter. While this may be lower than the degree of growth seen during the quarter beforehand - with an overarching growth of 1.3 per cent - the increase for the region over the last 12 months has totaled 4.1 per cent. The rising degree of regional property value heading into the future could present a wonderful opportunity in the coming months.
Considerations like transportation links, the proximity to Melbourne, employment opportunities and the local amenities were all factors that people considered when looking into regional centres for property options. For example, the City of Greater Bendigo saw the median price for property grow by 1.5 per cent during the June quarter to $335,000 - and an annual change of 7.9 per cent, following the announcement of the New Bendigo hospital project.
"Although the median price fell in some centres in the June quarter, in some of these this followed substantial growth, so the 12 monthly figure still showed healthy growth. For example, in Ararat the median fell 1.8 per cent, but the annual change was an increase of more than 20 per cent," said Mr Raimondo in a July 18 statement.
Now could be a great time to get in contact with a financial expert to discuss the mortgage options available to you across regional Victoria.
Image credit: Christopher Chan