Victoria's housing market appears to be holding firm despite the lockdown measures that continue to restrict activity in the state, according to the Real Estate Institute of Victoria (REIV).
Over the past three months to September, median prices across the state showed resilience despite the varying levels of restrictions in Melbourne and regional markets.
In fact, while the median values in Metropolitan Melbourne went down by 1.7% during the September quarter, they remained significantly higher than last year, up by 7.4% to $846,000.
Units in the city also performed well, achieving a 0.2% quarterly and 5.4% annual gain in median price to $622,500.
The standout performers in the state, however, were regional properties. Houses in regional Victoria posted a 5.1% quarterly growth in median prices and a 4.9% annual gain to $442,500.
Units in regional locations, however, reported a decline on a quarterly basis, down by 3.1%. Still, the median price of units was 8% higher than a year ago.
Leah Calnan, president of REIV, said the state's housing market managed to hold steady despite the challenges arising from the COVID-19 pandemic.
"Despite six months of COVID-19, lockdowns and moratoriums, the Victorian Property Market continues to prosper with properties remaining more valuable than they were in 2019," she said.
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