Housing prices up 15.8 per cent in the past five years

By Jared Prestwidge

HOUSING prices in the Campaspe region are on a roll – up 15.8 per cent in the past five years according to Domain real estate’s March quarter 2020 report.

And while coronavirus seems to have capped that across the region, causing a slight downturn for the first quarter this year, population hubs; such as Kyabram, have not missed a beat.

In December 2019, Campaspe’s average house price was sitting at $340,000, but as of March this year, that had slipped to $330,000.

But Walker Real Estate director Justin Barnett said the housing market in Kyabram was looking positive despite the emergence of COVID-19.

“When the restrictions for COVID-19 were first implemented, the sales enquiries all but ceased for about a week and a half,” Justin said.

“Then they started again and since they did we have actually been very busy,” he said.

“Other than the negative impact coronavirus is having on the community as a whole, the local real estate market conditions have been favourable. 

“We have actually got to a point now where we can’t get properties quickly enough to satisfy the constant enquiry.”

“There has been excellent enquiry from all ranges of buyers, from first home buyers through to investors.

“I think those people whose financial positions haven’t been directly affected and were already looking to purchase a property have been amongst the most active in the local marketplace. 

“Despite all of the uncertainty in the world at present, there still seems to be significant confidence with our local real estate market, which is encouraging for our area as a whole.”

The recent ease in the Victorian Government restrictions has enabled real estate agencies to resume open houses, which should also have a further positive impact on demand.

In the rural sector, the housing market has been proving just as healthy. 

John Lilford of Hinchcliffe and Greed said most forms of agriculture were “performing very well; resulting in strong enquiry and high demand for rural land”.  

“In recent weeks we have had some very large sales due to both larger farming enterprises expanding and also rural corporates buying large amounts of land,” he said. 

“Our main catchment reservoirs have more water in them than this time; last year plus the predictions of more rain to come all looks positive for the rural sector.”