Despite the crushing effect that the prolonged lockdown had on large parts of Melbourne’s economy, has the affect on the Victoria’s real estate industry been as bad as some have made out?
Data released by the Real Estate Institute of Victoria (REIV) showed that regional Victoria in fact set a new quarterly record for the average house price rise.
The record $442,500 median house price marks an astonishing 5.1% growth for the quarter and REIV President, Leah Calnan, believes the Victorian market is holding up well considering the circumstances.
“Despite six months of Covid-19, lockdowns and moratoriums, the Victorian Property Market continues to prosper with properties remaining more valuable than they were in 2019.Real Estate Institute of Victoria – Leah Calnan
“Our members have faced so many challenges in 2020, their work and efforts are evidenced in the September quarter results,” Ms Calnan said.
And the president’s thoughts were echoed by Belle Property Daylesford Principal, Will Walton, who said that his office has been busier than ever and believes that will not stop any time soon.
“It’s amazing to think our small regional office is doing so well,” said Mr Walton.
“We’re still tracking as the number one office in the Victoria Belle Property network due to continued buyer demand,” he said.
The heightened contribution regional Victoria has made to the industry is unprecedented & has shown no signs of slowing.Belle Property Daylesford Principal – Will Walton
Such is the success of Belle Property’s regional offices, with some team members recording their highest ever monthly figures, Mr Walton feels it won’t be long before more office additions are made to provide enough cover for the growing demand.
“There are a large number of nearby principles and experienced agents who are reaching out to us because they are noticing our sky rocketing success and want to find out more about the Belle Property brand opportunities in regional Victoria,” he said.
“We potentially expect to see more new Belle Property offices in regional Victorian locations, especially in the northern & western parts of the state,” said Mr Walton.