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 Seymour remains positive. The Real Estate Institute of Victoria’s (REIV) June Quarterly Median Report showed that Seymour experienced house price growth of 4.7% compared to the previous quarter. Regional Victoria enjoyed 1.3% 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 cityslickers opt for a new beginning, including smaller mortgage repayments, bigger homes and more space. The total Melbourne metropolitan median house price dipped 2.9% 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% in the June quarter to a median of $625,000, while units and apartments grew 2.8% to $435,500. Annually, regional Victorian prices jumped by 21.6% from $500,000 to $608,000. Units peaked at a new record of $418,000 in the June quarter, up 14.5% year on year. The current median house price in Seymour is $503,000, while median weekly rent is $355. Recent sales in the area include 170 Delatite Road, Seymour (pictured left) that sold for $1,200,000 in June and 25 O’Sullivan Road, Seymour (pictured right) that sold for $875,000 in June.
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8c Emily Street, Seymour VIC 3660 Give us a chirp! (03) 5799 1330
alittlebirdietoldme.com.au
24 Bush Pea Drive, Seymour
• 3.9 Acres • 5 year old home, 4 bedroom, 2 bathrooms • 16m x 12m shed • Fully fenced • Wood fire and split system • Deck area for entertaining
95 Daisyburn Road, Hilldene
• 143 Acre farming lifestyle block • House 342m2 under roof • Power to property • 2 dams
225 North Mountain Road, Heathcote Junction
• For Sale - Expressions of Interest • 228.25 Acres approx. on 3 Titles • Farming Zone • Future residential subdivision potential (S.T.C.A) • Brick veneer farmhouse - 3 bedrooms, 1 bathroom • Fencing, shedding and dams
Lot A & Lot B 356 Delaney Road, Nagambie
Lot A
Lot B
• 52.69 Hectares • Trust for Nature Covenant • Development zone 3.5ha • 1 large dam • 1 lock-up shed with concrete floor • BBQ area & water tank
