News

Ky real estate shines in regional markets

By Kyabram Free Press

THE latest data from the Real Estate Institute of Victoria shows the median house price in Kyabram has risen by more than 15 per cent in 2018.

The spike in median house prices is a long way ahead of that for regional Victoria, which has increased by 9.1 per cent in the past year.

Flora Hill, Drouin, Strathdale, Clifton Springs, Heathcote and Wodonga were other towns to see their median house price rise by 15 percent, while Inverloch, Armstrong Creek and Kilmore all recorded growth in their median house price of more than 20 per cent.

Thirteen regional towns recorded increases of more than 20 per cent in their median house price in the past 12 months.

Despite rumblings of a cooler property market, regional Victoria’s median house price has increased from $387,000 in September 2017 to $416,000 in September 2018.

According to the REIV market insights page, Kyabram is still sitting at a $295,000 median sale price.

The median house price for a three bedroom house in Kyabram is currently $264,000, well down on the regional average of $366,000.

For a four bedroom house, the median price in Kyabram is $415,000, compared to $500,000 regionally.

Hinchliffe and Greed real estate agent Andrea Morgan said the local market has been getting a lot of interest from people looking to move to Kyabram from out of town.

‘‘When this trend started about 12 months ago we were wondering if it would continue, but it has been consistent, which is good,’’ she said.

“Kyabram has a lot to offer – lots of people are looking to move out of Melbourne as it’s gotten too busy. It’s situated halfway in between Shepparton and Echuca, so in terms of work you can go either way.

‘‘And you don’t have to leave the town, as it’s got all the shops you need, a hospital, and good schools, so that’s what attracts people.’’

But while Walker Real Estate director Justin Barnett said the local market has been ‘‘quite buoyant’’, he warned that the use of the median house price figure could be somewhat misleading.

‘‘Prices have gone up slightly…but sometimes the numbers can be a little skewed, because I think there have been quite a few high-end places sold, which can skew that 15 per cent,’’ he said.