The pandemic has done house prices in Ballarat and other regional areas no harm according to new data from the Real Estate Institute of Victoria.
In the 12 months to September the average price of a house in Regional Victoria has surged by 4.9% to sit at $430,000.
Units and apartments were even better growing 8% to sit on $317,500.
Metro prices were also up for the year although did decline in the September quarter by 1.7%.
REIV President Leah Calnan says Victorian property values continue to defy gloomy price predictions and are holding firm despite six months of the Coronavirus pandemic.
“Despite six months of Covid-19, lockdowns and moratoriums, the Victorian property market continues to prosper with properties remaining more valuable than they were in 2019,” Ms. Calnan said.
“Our members have faced so many challenges in 2020, their work and efforts are evidenced in the September Quarter results.”
The varying levels of restrictions placed on Melbourne Metro and Regional Victoria over the last couple of months impacted transaction volumes as expected. While transaction numbers in Melbourne plummeted by 31 per cent compared to the June Quarter, transactions in Regional Victoria soared by 15 per cent.
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