HORSHAM has recorded the best property price growth out of Victoria’s regional cities, with a two per cent climb to a median value of $250,000.
That’s according to Ray White real estate’s report, based on data from Australian Property Monitors and the Victorian Valuer General.
The median property in Horsham increased in value by $5000 in the 12 months to March this year, according to the report.
The median time taken to sell a Horsham property during that time was 98 days, with 322 properties available during that time.
Mildura had the fastest selling time out of Victoria’s regional cities, at 65 days, and Shepparton was the slowest at 185 days.
Horsham’s property value growth was nowhere near the highest out of all Victorian regional towns, with Morwell recording a 35.4 per cent jump.
Morwell is in the process of recovering from a nearby coal mine fire that coated the town in smoke and ash in 2014.
Castlemaine, Colac, Echuca, Hamilton, Moe and Wangaratta saw bigger growth in property values than Horsham.
However, many regional cities and towns recorded a decline in property values, with Ballarat Central having one of the worst results at -13.5 per cent.
The Ray White report is somewhat at odds with a RP Data report that found the Wimmera had seen Victoria’s second highest increase in house prices during a similar time period.
The Wimmera’s housing market is tipped to heat up after July when home buyers will get a double grant for building their first home and all other first-time buyers will pay no stamp duty on purchases up to $600,000.