29th July 2022
House prices have soared in every corner of regional Victoria, new figures show, but the growth is starting to slow as the lockdown tree-change trend wanes.
House prices are higher than a year ago in every local government area of regional Victoria.
Major regional centres have recorded price rises but not as high as those in the small, relatively affordable towns as demand spills out from major regional centres.
The Surf Coast shire led the way of the major regional centres with a 20.8% rise and has the highest median house price outside Melbourne, at $1.45m.
KPMG demographer and urban economist Terry Rawnsley said the regional housing boom had begun to slow as population growth outside the cities flattened.
He said while markets within an hour or two drive from the city may have all the fundamentals for long term growth and hold their values, towns further away may experience losses in coming quarters.
James Worssam | 0418 585 815