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It’s all good news for the market in regional Victoria, with significant increases in median house prices across the state.
REIV president Joseph Walton says house prices in the December quarter rose to a median of $358,000, a $7,000 state-wide rise on the previous quarter.
The highest recorded increase was in the Southern Grampian, where house prices increased by 19.6 per cent.
Geelong also recorded impressive growth. East Geelong’s median house price increased by 10.3 per cent to $530,000, Hamlyn Heights was up 8.2 per cent to $427,250, North Geelong saw an increase of 7.4 per cent to $350,000 and Belmont recorded an increase of 6.2 per cent, bringing its media house price to $430,000.
One of the biggest increases was recorded in Kilcunda, on the Bass Coast, which saw a double-digit price growth, putting the median at $490,250.
“The Macedon Ranges remain a popular location, especially for commuters to Melbourne. The shire median increased 7.1 per cent to $590,000, with New Gisborne up 10.3 per cent ($590,000) and Riddells Creek 9.2 per cent ($611,250). Homes in Gisborne South now attract a median price of $1 million, after rising 7.4 per cent in the last quarter,” Mr Walton said.
The City of Ballarat saw a static median house price, but individual suburbs recorded growth. Ballarat North was up 4.3 per cent, Alfredton was up 3.4 per cent, Invermay Park 2.8 per cent and Cardigan Village 2 per cent.
“At the eastern end of the state, median prices in Stratford in the Wellington shire increased 12.8 per cent and Glengarry 7.5 per cent. Golden Plains shire had an overall increase of 6.8 per cent while Horsham shire in western Victoria experienced a rise of 4 per cent,” Mr Walton said.
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