LATEST data from the Real Estate Institute of Victoria shows that the median house price for Regional Victoria has increased 9.1 per cent in the past year.
Despite rumblings of a cooler property market, Regional Victoria’s median house price has increased from $387,000 in September 2017 to $416,000 in September 2018.
And Wonthaggi is one of the shining lights, if you already own that is, with prices up by 22.2 per cent in the year.
PBE Real Wonthaggi Estate Agent, Danny Crellin, said the REIV figures were spot on for mid-range properties.
“The increase in values has probably been higher than that, if anything, at the lower end of the market, in the $200,000 to $300,000 range but not as much as that at the top end,” said Mr Crellin.
“Your properties over, say, $500,000 might have only seen 5 per cent growth.”
Mr Crellin said the tightness in the market was easing however, with more choice on the market than has been the case in the previous six months.
He also said that those waiting to build in some of the new housing estates in Wonthaggi would soon be able to get started.
“It’s an exciting time for Wonthaggi and we certainly hope those who have purchased blocks, for example in the first two stages of the Powlett Ridge Estate, will soon be able to go ahead.”
Stage Three of the Powlett Ridge Estate, another 30 blocks, would be on the market soon as well, so finally, it is starting to happen in Wonthaggi.
Where’s the growth
Thirteen regional towns recorded increases of more than 20 per cent in their median house price in the past 12 months.
Two Geelong suburbs led the pack for strongest price growth over the past year: Norlane’s median house price increased 26.8 per cent to $355,000, and Corio’s median house price is sitting at $365,000, up 25.9 per cent.
Next on the list is Wendouree where the median house price has risen 23.5 per cent to $305,000, followed by the Phillip Island town of Cowes where the median went from $393,000 to $485,000 and Drysdale, also near Geelong, which recorded a 22.6 per cent increase in the median house price to $515,000.
Newcomb’s median house price has soared 22.4 per cent to $453,500, Wonthaggi’s has increased 22.2 per cent to $339,000 and Wallan’s median house price has gone up 21.3 per cent to $497,500.
Rounding out the top 10 best performers were Venus Bay with a 21.2 per cent increase in the median house price and Kyneton with a 21.1 per cent rise to $600,000.
Inverloch, Armstrong Creek and Kilmore all recorded growth in their median house price of more than 20 per cent while the median house price increased by more than 15 per cent in Flora Hill, Drouin, Strathdale, Clifton Springs, Kyabram, Wodonga and Heathcote.
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Gil King CEO REIV