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Victorian property values continue to defy gloomy price predictions and are holding firm despite over six months of the coronavirus pandemic.

The quarterly median prices for the September quarter 2020 released by the Real Estate Institute of Victoria (REIV) have highlighted remarkable resilience in the Victorian property market.

The highlight of the September quarter is regional Victoria. Regional houses set a new quarterly record at $442,500, boasting incredible growth at 5.1 per cent for the quarter and 4.9 per cent over the last 12 months. Regional units have fallen slightly to $327,000, down 3.1 per cent from the past quarter but are 8.0 per cent more valuable than they were 12 months ago.

The varying levels of restrictions placed on Melbourne metro and regional Victoria over the last couple of months impacted transaction volumes as expected. While transaction numbers in Melbourne plummeted by 31 per cent compared to the June quarter, transactions in regional Victoria soared by 15 per cent.

Market restrictions meant fewer properties were listed for sale, which kept prices relatively stable over the quarter. House values in metropolitan Melbourne remain strong, falling by just 1.7 per cent during the September quarter to a median price of $846,000 while recording a 7.4 per cent annual growth.

Units in Melbourne achieved a median price of $622,500 (surpassing $600,000 for the first time), which is 0.2 per cent higher than the June quarter and an annual increase of 5.4 per cent.

These results come among a backdrop of incredible and ongoing change in the Victorian property market. Our members have faced many challenges in 2020, but their continual hard work and efforts are evidenced in the September quarter results.

REIV market statistics are based on results directly sourced from agents and government records and provide a true picture of Victorian real estate.

As always, if a buyer or a seller is looking for objective information on the market or an agency – they should visit reiv.com.au.

Article supplied by Gil King, CEO, REIV.

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