Regional Victoria is experiencing a rise in home prices, as reported by PropTrack. In May, Australian home prices hit a new record, marking a 17-month streak of growth.
Nationally, home prices increased by 0.30 per cent in May, bringing the year-to-date rise to 2.73 per cent. This represents a 6.68 per cent increase compared to May 2023 and a 9.58 per cent rise from their December 2022 low.
While capital cities like Perth, Brisbane, and Adelaide saw substantial gains, regional areas experienced slower growth, with most regions remaining flat in May.
In Greater Shepparton, quarterly growth for all dwellings declined by 0.47 per cent, with houses dropping by 0.55 per cent while units saw a slight increase of 0.52 per cent. However, yearly growth was more positive, with all dwellings increasing by 2.45 per cent (2.36 per cent for houses and 3.61 per cent for units). The median home value for all dwellings is $479,756.
Despite the surge in prices, the market shows signs of stability. Increased housing supply, strong population growth, and high demand have kept prices climbing, though at a slower pace. Experts suggest that while home prices may continue to rise, the growth rate is expected to decelerate during the winter period.
