2 minute read
Regional markets holding-up
Resilient outlook
FOR REGIONAL MARKETS
Higher borrowing costs and downward pressure on wages are impacting house prices across Victoria. However, the fundamentals of regional property markets are sound. The Australian economy is bubbling along, with unemployment at historically low levels. Supply chain issues are continuing to impact all levels of new home construction, but the outlook for markets such as Cobram remains positive. The Real Estate Institute of Victoria’s (REIV) June Quarterly Median Report showed that Cobram experienced house price growth of 0.0 per cent compared to the previous quarter. Regional Victoria enjoyed 1.3 per cent growth during the same period. In the wake of pandemic lockdowns, according to REIV, outer Melbourne has also joined regional Victoria in seeing strong price growth as city-slickers opt for a new beginning, including smaller mortgage repayments, bigger homes and more space. The total Melbourne metropolitan median house price dipped 2.9 per cent over the June quarter to $1.081 million. REIV president, Richard Simpson, said the market remains strong especially across regional areas. As expected, Mr Simpson said there was a slight decrease in metro Melbourne as the market adapts to rising interest rates. Overall, regional house prices are still on the up, rising 1.3 per cent in the June quarter to a median of $625,000, while units and apartments grew 2.8 per cent to $435,500. Annually, regional Victorian prices jumped by 21.6 per cent from $500,000 to $608,000. Units peaked at a new record of $418,000 in the June quarter, up 14.5 per cent year on year. The current median house price in Cobram is $398,000. Recent sales in the area include 32 Rio Vista Court, Cobram (pictured left) that sold for $745,000 in August and 34 Campbell Road, Cobram (pictured right) that sold for $511,000 in June.
(03) 5871 1025 www.andrewjenkins.com.au
Andrew Jenkins Real Estate operating in Cobram, Barooga and surrounds for more than 30 years has grown to become the largest independent agency in Cobram. Our experienced team delivers outstanding sales and property management services. We are progressive and committed to delivering the highest possible levels of service with integrity, loyalty and accountability. Our office is located at 33 High Street, Cobram, which ensures more buyers, investors and renters coming through our doors.
3 Savanna Drive, Cobram $280,000 10 Tocumwal Street, Finley $385,000 49 Mookarii Street, Cobram $450,000 Land size: 652m²
18 Broadway Street, Cobram $390,000 6854 Goulburn Valley Highway, Cobram $750,000 to $775,000 90 Coree Street, Finley $325,000 Land size: 938m² Land size: 4 Acres
NEW LISTINGS URGENTLY REQUIRED
Due to recent high volumes of sales, we are urgently seeking new vacant land, houses, units and lifestyle properties in Cobram, Barooga & surrounding areas.
Sold September 12, 2022
32 Scenic Drive, Cobram
Sold Aug 16, 2022
23 Takarii Street, Barooga
