Alpine house price boom
25% increase in past 12 months for Alpine townhouses and units
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.”
PRICE BOOM: Gerard Gray said with so few available properties in Bright house prices have risen significantly.