Regional House Prices Rise In March Quarter

By Phillip Lee

The median house price in Regional Victoria was $311,500 (seasonally adjusted) in the March 2013 quarter following a 2.1 per cent increase from $305,000 (seasonally adjusted) in the previous quarter.

REIV CEO Enzo Raimondo said that the Victorian residential market continued to record moderate improvements as it recovered ground lost over the last two years.

“There was an increase in buyers in the December quarter which has continued through the first quarter of this year with increased volumes, prices, and clearance rates.

“There are a number of factors increasing demand; increasing population growth, improved consumer confidence and overall affordability assisted by lower interest rates.

“It is clear that the residential housing market is slowly improving.

“Median prices increased by 3.2 per cent in Bendigo to reach $320,000 contrasting against a drop of 3.4 per cent to $280,000 in Ballarat and a 1.3 per cent drop in Geelong to $390,000.

“Some centres continue to have short term fluctuations but the underlying trend is positive

“The rental vacancy rate tightened over the quarter from 3.6 per cent in January to 3.3 per cent in March with the lowest level of vacancies in the Wimmera and Albury/Wodonga” Mr Raimondo concluded.

REIV March 2013 Quarter Median House Prices for Ballarat Area

SuburbMar-13 MedianDec-12 MedianMar-12 MedianQuarterly Change      Annual        Change
CITY OF BALLARAT$280,000$290,000$290,000-3.40%-3.40%
BALLARAT CENTRAL$297,000$279,000$290,0006.50%2.40%
BALLARAT EAST*$278,000$255,000$282,2509.00%-1.50%
BALLARAT NORTH*$280,000$303,500$270,000-7.70%3.70%
BLACK HILL*$347,000$275,000$310,00026.20%11.90%
LAKE WENDOUREE*$468,000$525,000$538,000-10.90%-13.00%
MINERS REST*$285,000$306,250$342,000-6.90%-16.70%
MOUNT CLEAR*$327,500$287,000$329,00014.10%-0.50%
MOUNT HELEN*$430,000$342,000$325,00025.70%32.30%
MOUNT PLEASANT*$220,000$278,000-20.90%
SOLDIERS HILL*$259,000$333,875$258,000-22.40%0.40%

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

Source: REIV

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