ARARAT'S median house price has seen strong growth in the past year, new figures from a peak Victorian real estate body have revealed.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
The Real Estate Institute of Victoria's new quarterly figures show Ararat's median house prices to have risen in the quarter ending in June by 7.7 per cent, outpacing other regional centres.
At the end of June 2021, Ararat's median house price was sitting at $273,000, and has since risen to $394,000 for the end of June 2022.
The figure however was still below the regional Victorian median house price, which was $625,000 for the second quarter of 2022.
READ MORE:
Ararat's quarterly house price change was higher in comparison to other cities, with the median price in Warrnambool only rising by 2.1 per cent, Bendigo rising by 5.8 per cent, and Central Ballarat rising by 0.4 per cent.
Median rent prices in Ararat were at $320, lower than the regional Victorian average of $400.
The REIV's June Quarterly Median Report revealed regional Victoria held strong with values increasing across houses, units and apartments.
The median house price in regional Victoria saw a 21.6 per cent annual increase from $500,000 to $608,000.
Units in regional Victoria peaked to $418,000 in the June quarter reaching a new price record and shot up 14.5 per cent over the financial year.
The data reveals some "exceptional" price growth, the REIV said, with places such as Horsham seeing median house prices jump more than 40 per cent to $393,750.
REIV president Richard Simpson said that while there has been discussion on the impact of interest rate rises on house prices, the market remains strong, especially across regional Victoria.
While you're with us, you can now receive updates straight to your inbox from The Ararat Advertiser. To make sure you're up-to-date with all the news from across the Ararat shire, sign up here.
