Buyer demand for regional property beyond Melbourne’s suburban fringe remains extremely strong however median price data suggests the market outside of Melbourne may have hit its peak and is starting to plateau.
While a record 15,000* property transactions totalling more than $9* billion settled across regional Victoria in the first quarter of 2021, Victoria’s regional average median price dropped by nearly 4%* to just over $518,000*.
“The results for the 1st quarter of 2021 points to an interesting period for real estate across regional Victoria” said Jason Hellyer, Director of Ray White Rural Victoria, “while buyer activity is at unprecedented levels the numbers also indicate we may have hit the peak of the cycle in terms of regional property value growth across the State”.
The 8 Shire Councils immediately abutting metropolitan Melbourne continue to be a hive of activity accounting for more than one third of the State’s regional property transactions. Combined, these Shires amassed 5,635* transactions totalling $4.5* billion, with the City of Greater Geelong (which includes the popular Bellarine Peninsula) the busiest Shire, contributing 1,858* sales with combined settled value above $1.25* billion.
“The City of Greater Geelong is a good example of how the current property market trend is moving” said Mr. Hellyer “the number of settled sales transactions for the Shire was up more than 36%* on the previous quarter however the median price for the region fell by just over -2.55%* for the same period and now sits at $588,000*”.
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