After a correction in house prices in Inverloch late last year, there has been renewed interest in property sales in the town with a pleasing increase in values through the March quarter contributing to an overall increase for the year to the end of March 2014 of 9.1 per cent. M203714
INVERLOCH property values were among the star performers in country Victoria over the past year with the median price up from $412,500 in March 2013 to $450,000 in March 2014, according to the latest report from the Victorian Valuer-General, Robert Marsh.
That’s a tidy increase of 9.1 per cent for the 12 months.
The report, which looks at sales right across the state, including in metropolitan Melbourne, also noted that Inverloch home prices had increased by 12.5 per cent between December and March 2014, the key sales period for the popular seaside town.
But the figures for Inverloch did record a correction in the market, with median prices actually falling back to $400,000 for the previous quarter, then picking up again in December-March to $450,000 as improving confidence and better clearance rates kicked in.
Inverloch’s annual performance stood up quite well against the other seaside towns in the state with the Surf Coast towns of Anglesea (18.8%) and Barwon Heads (21.7%) and locally Cowes (11.6%) all bouncing back with healthy value growth after a correction during 2013.
Venus Bay also performed well in the latest report from the Valuer-General, with values there up by 8.3 per cent for the year to a median price of $260,000, with much of that increase coming in the busy selling period between December 2013 and March 2013 when values, based on local sales results, went up by 5.1 per cent.
It was a good result when compared with the likes of Lakes Entrance, down 8.6 per cent for the year to the end of March 2014 and Sorrento, down 2.2 per cent for the year.
Generally, country Victoria’s median house prices benefitted from a positive movement in the 12 months to the end of March 2014, increasing by a healthy 3.4 per cent but there was no change over the quarter to March with the median price sitting at an affordable $300,000.
The number of country Victoria house sales for the March 2014 quarter is expected to be 5678, which is 5.3 per cent more than the March 2013 quarter.
While house values didn’t change in country Victoria during the March quarter, units increased by 1.7 per cent to $245,000, and vacant land increased by 0.2 per cent to $132,800.
Over the 12 months to March 2014 the country residential property market varied, with houses increasing by 3.4 per cent, units by 2.1 per cent and vacant land decreasing by 2.4 per cent.
Of the 709 listed Victorian locations, 236 had median house price increases for the March 2014 quarter compared to 282 in the December 2013 quarter.
Five localities recorded no change, 222 showed a decrease and 246 had insufficient sales.
The maximum number of house sales for the quarter was 217 in Pakenham. There were 17 locations with 100 or more sales in the March 2014 quarter.
In other areas
Regional city housing markets continued to show significant variations for the March 2014 quarter. Bendigo median house prices increased by 4.3 per cent, having increased by 1 per cent in the previous quarter.
Over the 12 months the median price increased by 15.9 per cent. Wodonga decreased by 4.1 per cent for the March 2014 quarter, having increased by 5 per cent in the previous quarter.
The sample of large towns is the same used in the previous quarter’s report. It shows that seven of the 12 large towns had increases in median house prices for the March 2014 quarter. The December 2013 quarter showed increases for six towns and the September 2013 quarter showed increases for all 12 towns.
Morwell had an increase of 1.6 per cent for the March 2014 quarter, having decreased by 2 per cent in the previous quarter. Yarrawonga decreased by 17.6 per cent and Traralgon increased by 2.6 per cent. Sale had a decrease of 2.3 per cent for the March 2014 quarter, having increased in the previous quarter by 3 per cent.
Overall 6.4% increase
Overall, the residential housing property market (median house price) in Victoria decreased by 6 per cent during the March quarter of 2014, having increased by 6.4 per cent in the previous quarter (December 2013).
The median price of houses in Victoria decreased from $468,000 in the December 2013 quarter to $440,000 in the March 2014 quarter.
For the 12 months from March 2013 to March 2014, the median house price in Victoria increased 6 per cent from $415,000.
The median price of units in Victoria decreased by 4.5 per cent, from $440,000 in the December 2013 quarter to $420,000 at the end of the March 2014 quarter, having increased by 5.5 per cent in the previous quarter.
The median price of units in Victoria for the March quarter 2014 was lower than the median price of houses.
For the 12 months from March 2013 to March 2014, median unit prices increased from $405,000 to $420,000.
The median price of vacant land across Victoria increased from $182,000 in the December 2013 quarter to $185,000 at the end of the March 2014 quarter, having decreased by 1.6 per cent in the previous quarter. For the 12 months from March 2013 to March 2014, vacant land prices have remained unchanged at $185,000.
Metropolitan Melbourne sales statistics for the March 2014 quarter show decreases of 8.1 per cent for median house prices to $520,000 and 4.3 per cent to $445,100 for median unit prices. Vacant land showed an increase to $212,000.
For the 12 months to March 2014, median sales prices in metropolitan Melbourne show increases of 7.2 per cent for houses, 4.2 per cent for units and 1 per cent for vacant land. These changes were influenced by increases in inner-Melbourne property markets.