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The REIV June quarter median prices have shown solid demand for property in many of Victoria’s regional centres.
REIV CEO Enzo Raimondo said that Geelong had the most expensive property with a median of $310,000 in the June quarter and other regional centres showed solid demand.
“With the Melbourne median now over $400,000 houses are generally more affordable in regional centres. In the most recent quarter Ballarat and Bendigo recorded median values of $227,500 and $232,500 respectively.
“The increase in median values was strong in Ballarat with a 7.1 per cent increase and Bendigo where house prices grew by 1.1 per cent.
“Solid regional property markets are underpinned by good economic fundementals and stable interest rates. If these conditions continue, and population growth continues I would expect continuing strong demand,” Mr Raimondo concluded.
| Area |
Jun-07 Median
|
Mar-07 Median
|
Jun-06 Median
|
Quarterly Change
|
Annual Change
|
| Ballarat |
$227,500
|
$212,500
|
$216,500
|
7.1%
|
5.1%
|
| Greater Bendigo |
$232,500
|
$230,000
|
$232,500
|
1.1%
|
0.0%
|
| Greater Geelong |
$310,000
|
$294,500
|
$285,000
|
5.3%
|
8.8%
|
| Wellington |
$230,750
|
$216,000
|
$205,000
|
6.8%
|
12.6%
|
| Mildura |
$210,000
|
$212,000
|
$182,000
|
-0.9%
|
15.4%
|
| Greater Shepparton |
$299,000
|
$221,000
|
$230,000
|
35.3%
|
30.0%
|
REIV
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