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House Prices Stable In Regional Victoria

By Phillip Lee

The REIV December quarter medians show house prices are stable in across regional Victoria and growing in key centres.

REIV CEO Enzo Raimondo said that “overall house prices in regional Victoria have remained stable with a median of $305,000 in the 2012 December quarter. “Key centres however have continued their steady performance with the median house price in Geelong increasing by 8.1 per cent to $395,000, by 4.7 per cent to $310,000 in Bendigo and by 1.8 per cent in Ballarat to $290,000.

“Some parts of regional Victoria are displaying strengthening demand as a result of improved Victorian consumer confidence and four interest rate cuts over the past year. “Overall transaction numbers remain low in historical terms and that may cause some ongoing fluctuations, but if improvements in confidence continue, 2013 will see improved activity and an increase in sale values.

“Outside the main centres there has been healthy growth in Bairnsdale, Mildura, the Moorabool Shire and Mount Alexander Shire.

“The rental market saw an easing in the vacancy rate over the quarter from 2 per cent in September to 2.6 per cent in December.

REIV December 2012 quarter Median House Prices for Ballarat Area

SuburbLower QuartileDec-12 MedianUpper QuartileSep-12 MedianDec-11 MedianQuarterly ChangeAnnual Change
CITY OF BALLARAT$235,000$290,000$364,500$285,000$283,7001.80%2.20%
BALLARAT EAST*$205,000$255,000$300,000$210,000$265,00021.40%-3.80%
BALLARAT NORTH*$276,000$303,500$438,250$263,000$250,00015.40%21.40%
BROWN HILL*$268,000$300,000$325,000$290,000$264,0003.40%13.60%
LAKE WENDOUREE*$378,600$525,000$720,000$595,000$635,000-11.80%-17.30%
MINERS REST*$301,250$306,250$321,250$320,000$340,500-4.30%-10.10%
MOUNT CLEAR*$258,000$297,500$381,750$300,000$307,500-0.80%-3.30%
MOUNT HELEN*$315,000$342,000$412,000$327,500$355,0004.40%-3.70%
SOLDIERS HILL*$255,000$333,875$408,175$527,500$258,000-36.70%29.40%

*Indicates that less than 30 sales were recorded during the quarter

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