Property prices rise despite perfect storm

Wangaratta property prices have risen despite uncertain economic times over the last year, with a 7.6 per cent increase in the house price median, while unit prices have risen 5.6pc. Median house prices have risen by $40k in the past year from $525k to $565k, while the median unit price is now $375k, up from $355k in the June quarter 2025. The Real Estate Institute of Victoria (REIV) data shows regional Victoria as a whole outperformed metropolitan Melbourne, with median house and unit prices rising 8.3pc to $650k and 9pc to $458k respectively. Nutrien Harcourts Wangaratta principal Danial Siperki said there has been strong interest from investor appetite coming from out of town, with buyers from Queensland, NSW and metro areas. He said buyer agents representing investors have come into the market in the last 12 months and certainly the last six months has been very strong. Houses selling have ranged from $450k to $600k with some properties reaching multiple offers in certain areas of Wangaratta, which has driven up competition, resulting in prices higher than asking price. "There have also been some out of town investors buying house and land packages and leasing them back to the rental market," Mr Siperki said. The sale of higher end properties does have an impact on the overall median price and this is a continual trend as people choose to downsize. "We have seen this in our office and there have been a lot of people selling larger parcels of land and downsizing to lifestyle, small acreage properties because they are not quite ready to live on a standard house block," he said. "These are 20-acre or one acre blocks and this type of property is continuing to perform well. "There has been a good influx of people from surrounding areas of Mansfield, Bright and Porpunkah, which sell at a solid price. "When they see the opportunity of Wangaratta and what it offers they can buy a fantastic home on an acre block with good shedding at that price point." With two-bedroom units now at a median of $375k, Mr Siperki said this option appeals to first home buyers wanting to crack into the market when units are mid to high $300k. Inflation sits at a high 4pc and the main drivers over the past year nationally were property +6.5pc, food and non-alcoholic beverages +3.3pc, and transport +3.3pc. But while lending interest rates remain relatively high, it makes it more difficult for mortgagees to balance household budgets, and first home buyers to break into the market. The reserve bank's official cash rate sits at 4.35pc when its target range is 2-3pc, so a significant drop in interest rates is unlikely until consumer spending drops, and international conflicts in Europe and the Middle East are resolved. It's also uncertain how policy changes on negative gearing and capital gains tax will fully affect the property market. REIV CEO Toby Balazs said the quarterly figures highlighted the impact of major policy changes and the importance for governments to have a deep understanding of the roll-on impact. "The quarterly data reflects the uncertainty currently affecting Victoria's property market, driven by higher interest rates, changing government policy, cost of living pressures and global economic instability," Mr Balazs said. "By contrast, the annual figures show that despite the volatile conditions we’re currently seeing, the property market remains resilient – particularly in outer Melbourne and regional Victoria."

Property prices rise despite perfect storm

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