The average house sale price in Benalla in March of 2015 was $240 000.
In March of this year that figure was a healthy $302 000.
And despite many economists ringing the doomsday bells in regard to the property market in the wake of coronavirus, Benalla's average sale value is only down one per cent compared to May last year.
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Landmark Benalla agent Bruce Biggs said he was not shocked that average sale prices had not dropped significantly.
“I think the demand for jobs here has been very good and the predictions for ongoing jobs growth is very good, too,” Mr Biggs said.
He also said the company had already begun to see an upturn in inquiries, and expected the local real estate market to bounce back strongly.
“I think Benalla has always been a bit undervalued,” Mr Biggs said.
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“I think people are beginning to realise the benefits of where Benalla is, sitting right in between Shepparton and Mansfield.
“And I think that has stimulated a lot of interest here, and on top of that we have the jobs growth. I think it's all part of a growth cycle.”
Benalla Residential Rural agent David MacKinnon echoed that sentiment and said they had continued to receive large numbers of inquiries.
“A lot of investors have come into the market and first-time buyers, so demand has just been a bit greater than supply,” Mr Mackinnon said.
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“I think some of the buying public have been under the impression that you haven't been able to buy and sell a house.
“That hasn’t been the case, we have been unable to hold inspections but people have still been purchasing and selling property.”
Mr Biggs said despite Landmark being affected by COVID-19 the effect was not as big as it was for some.
“We sell a lot of rural property to people from interstate,” he said.
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“So the state restrictions had impacted us, on inspection in particular.
“But I've noticed in the last week or so our inquiries have picked up pretty dramatically, for listings and for sales.
“It has picked up substantially even since last Friday.
“It's been quite good since then.
“I expect lifestyle and general residential properties to continue to be really popular in the coming years.”
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The Real Estate Institute of Victoria (REIV) recently asked the state government to consider a relaxation of restrictions on public auctions and open inspections at the earliest appropriate time.
On Monday that wish was granted.
REIV President Leah Calnan said the real estate sector was prepared to take the measures necessary to assist with a safe return to business.
“The sector has adapted extremely well during this pandemic,” Ms Calnan said.
“We are very excited about auctions coming back, the real estate sector is prepared to do the right thing to ensure auctions and open for inspections are run safely.”
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