Home values in regional areas have soared over the past 12 months, as buyers continue to search for a more affordable home and to better their lifestyle. propertyprices victoria
Values rose most in areas further away from cities where houses were more affordable.Property listingsHome values in regional areas have soared over the past 12 months, as buyers continue to search for a more affordable home and to better their lifestyle.
Booming house prices in these capital cities have slowed in recent months, as more listings hit the market and interests rates begin to rise. “I think we will eventually see values come back down – we will see all of these [regional] markets moving into some sort of a downturn by the end of this year.”Regional suburbs that saw the biggest rise in values over the year to May include The Rock and Gobbagombalin in the Riverina region of NSW – both close to Wagga Wagga – where dwelling values skyrocketed.
Suburbs in the Warrnambool and south-west region of Victoria also saw values rise by more than 34 per cent. In Wangaratta, a few hours from Melbourne, the rush of buyers to the area had subsided, but there is still demand for decent houses.“The urgency of buyers has maybe slowed a bit, but there’s still a strong number of people wanting to buy in Wangaratta and surrounds,” Garry Nash & Co. director Cameron Meggs said.
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