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Benalla named real estate 'hot spot'

Smaller homes across Benalla have recorded a boom in price growth in the past three months.

MONIQUE FREER April 23, 2014 3:45am

Smaller homes across Benalla have recorded a significant price growth in the past three months in what experts are describing as a ‘‘boom’’ in regional Victoria.

Real Estate Institute of Victoria recorded a growth in the median house price of Benalla of 11.4 per cent in the quarter, to a median of $235000.

REIV chief executive Enzo Raimondo said the growth in smaller homes across the state was the highest quarterly increase in almost a decade.

‘‘Clearly units and apartments are becoming increasingly popular as home buyers in regional towns and cities look to one and two-bedroom homes that meet their needs,’’ Mr Raimondo said.

‘‘Sales of these homes were high for the quarter, with more than 500 unit and apartment sales across regional Victoria.’’

West Wodonga also recorded seven per cent growth to a median price of $283500, while the statewide median house price was $322000, up from $318000 in the final quarter of last year.

Being labelled a real

estate ‘‘hot spot’’ was not surprising for Tower Business and Robinson’s Real Estate director Mark Bullock, who said the region was attractive to potential buyers.

‘‘We should be a hot spot, we’ve got everything going for it with regards to proximity to Melbourne and major centres, such as Shepparton, Wangaratta, Albury and Wodonga,’’ Mr Bullock said.

‘‘We’re a little bit different to some of the major regional centres there, but it’s fantastic to be thinking that Benalla is a hot spot with 11.4 per cent capital growth.

‘‘Why wouldn’t you

invest in Benalla? It’s a fantastic result.’’

Mr Bullock said there had been a gradual rise in investors in Benalla and district, which was resulting in steady growth.

‘‘I think we’re pretty solid, pretty steady and with all the volatility that’s going on in the world with stock markets and what’s happening internally in some countries overseas, I think people are tending to return to the old faithful, the bricks and mortar,’’ Mr Bullock said.

‘‘When it’s all said and done Benalla is an affordable place to live when you compare other regional cities.’’

For full story see this week’s Ensign.

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