GOOD news for Merbein residents looking to sell their bricks and mortar – house prices have gone up 13.5 per cent in the three months to the end of June.
The jump means the average house price is now $400,000, topping regional Victoria’s average for the last quarter.
The increase may be due to a range of factors including interest rate cuts, limited housing supply, and increased confidence as buyers anticipate further rate reductions and a continued rise in property values.
The Sunraysia region as a whole is on the increase, with average houses in Greater Mildura increasing by 11.3 per cent, however residents may see Merbein as a better option as the average house price is $83,000 cheaper.
Across Victoria there were strong rises, with Melbourne suburbs Toorak, Glen Iris, Malvern East and South Yarra all averaging a 20 per cent growth in the three month period to June 30.
Greater Bendigo is another location that saw a price jump with 20 suburbs out of 27 climbing quarter-on-quarter with a median house price of $580,000.
Real Estate Institute of Victoria interim CEO Jacob Caine said the quarterly increases show better economic conditions and optimism for the real estate market.
“Buyers and sellers across the state appear to be cautiously confident as cash rate cuts, annual wages growth and signs of easing living costs drive another quarter of widespread but modest growth,” he said.
“In addition, the market is seeing encouraging signs that the supply of new residential housing in Victoria appears to be outpacing other states.
“It’s pleasing to see that throughout the first half of 2025, transaction activity has held strong and plenty of buying options exist across Victoria for all budgets and lifestyles.”
