Latest data from the Victorian Building Authority (VBA) reveals strong confidence in the regional property market with a record number of building permits issued in the past financial year.
The VBA report reinforces Real Estate Industry of Victoria (REIV) records of a buoyant regional property market, which continues to outperform Metropolitan Melbourne.
For the second consecutive financial year, the value of building permits reported in Regional Victoria increased by a higher percentage than Metropolitan Melbourne. Comparatively, REIV data shows median house price growth in Regional Victoria increased four per cent in the June 2018 quarter but dipped by 0.6 per cent in Metropolitan Melbourne.
In Victoria overall, the value of building permits for domestic houses increased 14.4 per cent to $19.8 billion comparing the 2016-17 financial year with 2017-18. The growth was even stronger for apartments with a 22.4 per cent increase to $6.5 billion.
The top three municipalities in Regional Victoria by total reported cost of work in 2017-18 were predictably the major three cities of Geelong, Ballarat and Bendigo with $1.73 billion, $495 million and $449 million respectively.
Next on the list was Surf Coast with $335 million, Bass Coast with $330 million, Baw Baw with $264 million, Mitchell with $250 million, Macedon Ranges with $232 million, Greater Shepparton with $221 million and Wodonga with $211 million in value of building permits reported to the VBA.
The REIV website allows you to search detailed information on your local property market via our Market Insights page.