REGIONAL Victoria recorded its highest quarterly growth since 2003, according to data from Real Estate Institute of Victoria’s (REIV) quarterly December report.
The report shows houses in regional towns achieved a median price of $485,500, recording a 9.2 per cent increase from the September quarter, and 7.5 per cent annual growth.
While regional unit prices recorded a 3.5 per cent quarterly increase, they are now 10.3 per cent more valuable than they were 12 months ago.
Professionals Real Estate principal, Melissa Ferrier said she had seen a similar surge in the Hamilton market.
“There has certainly been a trend going upwards in Hamilton, and we have seen a surge in prices in most properties across the region,” she said.
“Sales are going fast, and we are getting prices that are going close to and right on the asking price and the reason for this is that there is high competition in the area.
“There is lots of competition now and that is actually driving the market.”
Ms Ferrier said she was seeing lots of local buyers acquiring properties.
“We are seeing buyers from across the board and not from a specific demographic and we are also seeing a variety of people looking to occupy the home with some also investing,” she said.
Ms Ferrier said she expected the surge in demand to continue.
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