Source : Moira Shire Council , Sun Country on the Murray OVG
The Real Estate Institute of Victoria ( REIV ) reported the median house price in regional Victoria recorded its largest annual increase since 2001 . The median house price in regional Victoria grew 27.0 per cent , reaching a record breaking $ 565,000 over the past year . Units and apartments also grew , achieving an annual growth of 19.6 per cent , bringing the median price to $ 395,950 ( 3 ).
In the shire , building and planning figures suggest an increase of 60 percent in applications during the pandemic , compared to the years prior to the pandemic .
Rocky Gagliardi of Gagliardi Scott Real Estate , Numurkah Victoria , agrees that since the pandemic began , regional sales of residential , commercial and industrial properties have increased dramatically , the most he has experienced in his career .
In February this year , Rocky and his team made a record breaking sale at auction , of a medical clinic located at 55 Graham St , Shepparton . The medical clinic sold for $ 1.465 million , $ 665,000 over the reserve . This created a 3.17 percent yield . There were 37 registered bidders , and the auction took place at Crown Casino . The previous record for registered bidders at an auction at the casino was 28 ( 4 ).
IMPACTS OF PROPERTY PRICE INCREASES While growth can be great for the economy , it can also be challenging for supply to keep up with demand . For Moira Shire , and many other regional councils across Victoria , there was already an issue in the shortage of affordable housing . It became even more apparent during the pandemic that this shortage was getting worse .
In December 2021 , the Hume Economic Development Network ( HEDN ), which brings together the Economic Development practitioners from across the Hume Region ’ s LGA ’ s , and , Alpine Resort Management Boards , held a reactivation meeting .
Source : Real Estate Institute of Victoria , 2021 , Victorian Insights Regional
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