IT might be the right time for buyers to purchase an established home with house prices dropping 2.8 per cent across regional Victoria in 2024.
Wangaratta's median house price is $526,000 based on 233 sales between January to December 2024 and over the past 12 months this figure is down 0.8pc.
Harcourts Real Estate agent Joe McKenzie said although the market has settled, it is still healthy with rental enquires and pricing strong and he believes this will continue into 2025.
"Newer, cleaner properties and anything central to the hospital are highlights and popular with people looking for investment properties for rent," he said.
The market is also trending towards a buyers' market and Mr McKenzie said residential and commercial properties will sell quickly if the pricing is on the mark.
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"If you pricing isn't in market, the demand certainly won't be there," he said.
"Buyers have the opportunity to sit and wait if homes are outside market, but if they are priced well they sell quite quickly."
Mr McKenzie said road, footpath and amenity infrastructure improvements in Wangaratta like the railway precinct are only going to increase what the CBD central properties are going to do in the market.
Harcourts sold 700 acres between Boorhaman and Norong before Christmas, and commercially they sold 58 Sanford Road and Browning Street, both under auction.
"Buying trends haven't changed in the last six months and new home builds slowed dramatically last year," Mr McKenzie reported.
"First home buyers trying to buy established 60 to 70-year-old homes in the west end are looking at $400,000 to $650,000.
"The next level of buying activity has probably been affected by traditional markets, those who are upgrading and people who are downsizing.
"When building costs experience the growth they have in the last four years people now have a defined limit on how much they spend to build and if they don't want to over capitalise, that's probably a good idea.
"We have some landlords who are clearly not happy with the new taxation from the Victorian Government and they are deciding to sell older properties.
"Lots of our investors are looking for cleaner, newer properties and they are not always easy to get centrally.
"Three bedrooms, two bathrooms, medium or smaller sized backyard rent so well in Arlington, Baltimore and Pelican Court."
According to realestate.com.au, the median price of units and apartments in Wangaratta has fallen 6.2pc from a peak in March 2023 to April 2024, $380,500 to $347,000.
Median house prices in Wangaratta have risen $200,000, while units have jumped $117,000 compared to the pre-Covid figures.
