The median house price in regional Victoria has had its largest increase in more than 20 years, according to Real Estate Institute of Victoria's December quarter report.
In 2021, the median house price in regional Victoria grew 27 per cent from $445,000 to reach a record $565,000.
Units and apartments had an annual growth of 19.6 per cent to take the median price from $331,000 to $395,950.
The average exceeded $600,000 in the December quarter and was $410,000 for units and apartments.
First National Real Estate director William Bonnici said those rises had translated to the Border market.
"Anything under $300,000 was considered a good buy and now it's anything under $400,000," he said.
"We're certainly not going to see it snap back. Anyone waiting for prices to come down is going to be waiting a long time.
"I'd certainly suggest anyone looking to get into the market should speak to a broker or bank and get in as quickly as they can."
"The median house price in West Wodonga is just shy of $420,000, but you go back a few years and that's what you were paying for a brand new house and land package," Mr Bonnici said.
"Our growth in the region means we've got a lot more new houses being built and prices automatically go up.
"If anyone is trying to understand what their house may be worth, don't look at the median because there's such a variety from one end of Wodonga to the other, call an agent and that way you know what you're sitting on."
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PJ Murphy Real Estate director Mark Bohem said he had never experienced such a rapid shift in the industry.
"There's a demand for property, shortage of land is a big factor and the inability of builders to build," he said.
"The government grants have created such a demand for builders, so if you don't buy existing you're not getting in for a fair while.
"It has to slow at some stage and they're all predicting later this year or next year.
"The land values didn't dramatically change over the last 12 years, but suddenly with this shortage there's been an opportunity to put them up.
"With the building costs rising, it should indicate the market should hold up in our region.
"Our auction results in particular have reflected the rise in price, we're often receiving well above reserve.
"It's an indication the market is climbing quite sharply when that continues to happen for all sorts properties."
REIV president Adam Docking said the attraction of regional Victoria as a lifestyle choice after two years of COVID-19 restrictions was a major factor for price rises.
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