RESIDENTIAL property prices in Northern Victoria have increased.
According to the latest property values guide, the prices for residential property increased across country Victoria by 21.6 per cent last year, with Heathcote and Elmore in the state's north recording the biggest increases from 2008-09.
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Local estate agents say the increase is due to a growing lifestyle market in the Heathcote wine region. While residential land sales and values in country Victoria were strong, rural sales and values fell significantly last year.
The total value of all rural sales dropped by 18.5 per cent from $3.74 billion in 2008 to an estimated $3.05 billion in 2009.
Rural sales declined by 10.2 per cent. Drought, low water allocations and a struggling world economy are believed to have had an impact on last year's sales.
