As is often the case when real estate becomes a talking point, the media coverage of the rebound in the property market during 2019 was largely focused on activity in metropolitan areas. However, as a business that does is regularly called on to assist home sellers in the regional areas of Victoria as well as the suburbs, it is worth noting that the regional property market has shown some strong signs in the past year despite the impact of drought, fires and more.
Whilst data for the last quarter of 2019 is still being compiled, the Domain House Price report for the September quarter of 2019 showed that many regional cities had performed well despite the challenging conditions that the Melbourne market experienced during the early part of the year.
For example, the Macedon Ranges recorded year-on-year growth of 6.3% to the end of September, reinforcing a growth rate of almost 50% over five years. Hepburn Shire reported an even more impressive 9.5% annual growth rate and more than 62% over five years. Other municipalities to report good annual growth included Ballarat with 9.7%, Greater Bendigo (pictured) with 5.9%, Mansfield (5.7%) and Moorabool (9.5%).
Even the regional city of Geelong, which some people view as more of an extension of the Melbourne market, still achieved slight year-on-year growth, despite the fact that it had been achieving double-digit annual price growth during the market boom.
The important thing to remember if you are planning on capitalising on this recent growth in the regional property market by selling in 2020 is that it is important to approach this task with the right advice, the right strategy, the right timing and the right agent by your side. All of these four goals can be taken care with one decision to have Ian Reid Vendor Advocates by your side every step of the way.
If you want to avoid costly mistakes when selling your property, be sure to give our friendly Customer Serviceteam a call on 9430 0000. You’ll also find lots of helpful tips in our free booklet “Fatal Real Estate Traps Exposed”.