Alpine house price boom

25% in­crease in past 12 months for Alpine town­houses and units

Myrtleford Times - - News - By JUSTIN JENVEY

BRIGHT has seen the av­er­age town­house and unit price sky­rocket in the past 12 months.

New data from the Real Es­tate In­sti­tute of Vic­to­ria shows many re­gional towns ex­pe­ri­enced sig­nif­i­cant price growth for the year end­ing June 30.

The state-wide me­dian town­house and unit price has in­creased 4.1 per cent to $296,000 in the past year but in Bright that fig­ure has risen 25 per cent to $340,000.

Dick­ens Real Es­tate di­rec­tor Ger­ard Gray said av­er­age prices were trending up­wards across all prop­er­ties, not just small dwellings close to the heart of town.

“The prices have re­ally gone up and are prob­a­bly set to con­tinue be­cause with the sup­ply base be­ing so low any­thing at­trac­tive that comes on the mar­ket peo­ple are just jump­ing on,” he said.

“In close will al­ways be in high de­mand es­pe­cially for peo- ple want­ing hol­i­day homes.

“For an av­er­age two bed­room town­house you might pay some­thing like $250,000 and then a nice three bed­room, two bath­room house with car ac­com­mo­da­tion you’re look­ing at about $420,000.”

Mr Gray said along with the low­est a num­ber stock of since rea­sons 2003 why there house­were prices were con­tin­u­ing to climb. “We’ve seen peo­ple start­ing to buy a few hol­i­days homes which puts pres­sure on the fam­ily home mum and dad and go­ing to move into,” he said.

“We’re see­ing more buy­ers com­ing out of the rental mar­ket and what­ever the per­ceived mar­ket value of a prop­erty might be peo­ple are happy to pay that lit­tle bit more if they’re buy­ing for the long-term.”

Myrtle­ford Real Es­tate and Live­stock’s Greg Dood­e­waard said house and land prices were also on the rise in Myrtle­ford.

“I sold a lit­tle town­house last Oc­to­ber for $296,000 and 10 months later it went for $330,000 so that’s about a 10 per cent in­crease,” he said.

“It’s the same with land, a block I sold last year for $110,000 has re­cently gone for $130,000.

“In the past 12 months there’s no doubt me­dian house prices have risen and things are sell­ing quicker too.

“Days on mar­ket used to be any­where be­tween 3-5 months and at the mo­ment things are sell­ing in 6-8 weeks if priced right.”

PHOTO: Justin Jenvey

PRICE BOOM: Ger­ard Gray said with so few avail­able prop­er­ties in Bright house prices have risen sig­nif­i­cantly.

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.