Freedom frenzy drives record Victorian regional price rises

Regional Victorian house prices grew at the fastest rate in 20 years through 2021, with the median house price increasing 27 per cent to reach $565,000, according to new figures from the Real Estate Institute of Victoria .

Alpine towns such as Bright, Myrtleford and Mount Beauty also did exceptionally well, recording price growth of above 45 per cent, while Warrnambool on the windy west coast experienced a 35 per cent surge in values.“What we saw in the December quarter was effectively the floodgates opening,” said REIV president Adam Docking.“We almost had two quarters of transactions in that quarter because the third quarter of 2021 was really probably the most locked-down quarter we had.

“We’re now getting back to a more stable market, supply has caught up with demand, and we’ll see a good, positive market from here on in with moderate growth over a period of time,” Mr Docking said. “It’s great to see because, you know, kids growing up here, playing local sport, going to schools, it keeps things ticking over nicely.”He said the price increases in Bright meant some locals had sold up and cashed out, buying a new home in nearby Myrtleford, where houses are generally cheaper and prices grew even faster.

Yes I’m doing exactly the same thing! Sold our house in Kew and building a nice big house on 1.3 acres in Myrtleford. Can’t wait to get out of Melbourne!

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