Median house prices have increased a staggering 83 per cent in just five years in the Alpine Shire, with one real estate agent saying post-COVID, values continue to skyrocket further.
The latest Domain House Price Report shows median house prices have increased by 33 per cent in Albury in the past five years, 32 per cent in Wodonga, 57 per cent in Indigo, 35 per cent in Wangaratta, 19 per cent in Federation and 41 per cent in Benalla.
Alpine Valley Real Estate director Kim McDonald said property prices had risen further in the wake of COVID with the majority of buyers coming from Melbourne.
"Our biggest problem at the moment is a shortage of stock, prices have increased dramatically in the area post COVID," she said.
"It's keeping prices up, it's all about supply and demand... the less stock, the high demand is for that stock, and we're far from overstocked.
"We're selling properties almost as quickly as they come on the market."
The Domain report found the median house price in the Alpine region had increased 31 per cent in the year to March 2021.
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Ms McDonald said the agency recently sold a residential block of land for $335,000 - 68 per cent more than the $200,000 it sold for last year.
She said the pandemic had shown Melbourne residents they could effectively work away from the office part or full time and many were seeking to escape the city.
"This area is really being discovered," he said.
Stean Nicholls agent Nicholas Clark said prices and inquiries were very strong in the twin cities.
He said the average time a house was on the market had shrunk from 60 days to just 14 to 21 in the past 18 months. House prices in Albury and Wodonga have increased 10 and nine per cent respectively in the year to March 2021.
The median house price is now $412,000 in Albury, $409,500 in Wodonga, $586,500 in Alpine, $502,000 in Indigo, $390,000 in Wangaratta, $327,000 in Federation and $345,000 in Benalla.