Strong Growth for regional centre house prices

“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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