West leads the way in latest regional medians

Written by realestateview.com.au in Property News on October 28, 2016

The state’s west has led the way with solid home price growth from Horsham to Geelong, the latest REIV price data as of 30 September shows.

Buyers have been attracted to the surf coast lifestyle in particular, REIV CEO Geoff White said today.

And in the east of the state, Warragul, Cowes and Bairnsdale have shown strong price growth, he said.

The latest REIV median data, released today, shows that while annual growth across the state has been relatively moderate at 2.3% to $348,500, a number of locations are showing far greater increases.

Horsham in western Victoria topped the list for median price growth over the year, increasing almost 20%t to a median price of $249,975, Mr White said.

Also making the top five list for median price increases, in the west of the state, were Geelong (up 16.9% to $675,000), Torquay (up 14% to $690,000), and St Leonards (up 13.7% to $426,250).

“The latest research shows that buyers were not only drawn to the west, but largely to locations within commuting distance of Melbourne,” Mr White said. “New infrastructure in the west is enhancing prices.

“The faster train services which have been introduced between Geelong and Melbourne in recent years continue to improve prices in the bayside city.

“And Surf Coast locations, including Torquay, continue to benefit from easy access to the freeway and the Geelong bypass, cutting commuting time into Melbourne significantly.”

Mr White added that the other trend was the significant growth in coastal locations, from Cowes in the east of Victoria to Anglesea in the west.

“Waterfront living has always appealed to buyers – whether it is by the ocean or bayside,” he said. “This has never been closer to the truth than in the latest price increases, which highlight double-digit growth in a number of locations along the coast or by the bay.”

“Regional Victoria is increasingly attractive to buyers and investors, offering access to quality amenities combined with a relaxed country lifestyle,” he said.

“Continued growth in the Melbourne median house price – which rose 3% to $740,000 this quarter – also adds to the allure of locations close to Melbourne which are well below the Melbourne median price.”

  Suburb Sep-16 Median Annual Change
1 HORSHAM $249,975 19.7%
2 GEELONG $675,000 16.9%
3 COWES $394,500 16.0%
4 TORQUAY $690,000 14.0%
5 ST LEONARDS $426,250 13.7%
6 WARRAGUL $365,000 13.2%
7 EAST GEELONG $474,750 12.6%
8 ANGLESEA $685,000 11.4%
9 MERBEIN $197,500 11.0%
10 BAIRNSDALE $254,500 10.8%