Euroa's median house price up 20pc as supply slows

MEDIAN house prices in Euroa have risen 20.6 percent this year, one of the state’s top 10 regional increases in median house price per suburb, even as the median regional Victorian house price has declined. According to Real Estate Institute of Victoria data, median house prices in Euroa increased from $450,000 in December 2023 to $542,000 in June 2024, the sixth largest increase by suburb in Victoria. Elders Euroa real estate agent Brendan Allen said a steady demand but lower supply of houses in Euroa had probably stabilised prices, causing the median house price to rise. “We've seen lower supply to market … but a town like Euroa, which has got desirability from a lifestyle perspective and really good connectivity and close proximity to Melbourne and other regional cities, is still in high demand from people,” he said. Mr Allen said he believed media reports of a softer market over the last two years has led to fewer owners putting their houses on the market, while construction of new houses in Euroa and on the town fringes has been “almost non-existent”. He said the lack of new development was due in part to increased construction costs, and he believes the local planning process could be better streamlined. Ray White Euroa real estate agent Rikki Donlen agreed Euroa faces a low supply of houses, but he said there are also fewer buyers, particularly for lower priced houses. “We're selling some properties at that higher end, more than we're selling the bottom end [of pricing],” he said. “And there's not a lot of land sales. “So, that brings up the median price. “The majority of the sales are up in that higher end.” Mr Donlen said he believed the cost-of-living crisis, interest rate rises, and fewer loans being approved by banks had led to fewer buyers at the bottom end of the market. Regional Victorian suburbs that saw even larger increases in median price from December to June included Wurruk (51.8pc), Cohuna (38.2pc), Elmore (34.7pc), Rosedale (31.7pc), Seymour (24.1pc) and Spring Gully (23.8pc). Below Euroa in the top 10 were Kyabram (17.5pc), Numurkah (15.9pc) and Woodend (14.6pc). Overall, the median house price in regional Victoria fell by $4000 to $605,000. The 10 regional suburbs to see the largest decreases in median house prices were Smythes Creek, Newington, Point Lonsdale, Soldiers Hill, Wy Yung, Heyfield, Wangaratta, Yallourn North, Rutherglen and Trentham.