Averages boom

THE latest data release from the Real Estate Institute of Victoria reveals that the median house price in regional Victoria has soared 3.8 per cent in the past financial year to $405,000.

Comparatively, metropolitan Melbourne recorded a 2.4 per cent dip over the same period.

The REIV’s data is based on the sales transacted between July 2018 and June 2019; we take all the results and then report the median, or middle, figure.

We have only included towns that recorded at least 50 sales in the past year so the sample size is reliable.

The star performer for the last financial year was the Bass Coast town of Wonthaggi which recorded a 21.7 per cent surge in its median house price, from $300,000 to $365,000.

Redan’s median house price increased 17 per cent from $305,000 to $357,000. Next on the list is the Ballarat suburb of Wendouree where the median house price has gone up 16.8 per cent from $279,000 to $326,000.

Bendigo’s median house price also experienced a lift, going from $395,000 to $460,000, a boost of 16.8 per cent. Stawell recorded 13.2 per cent growth going from $190,000 to $215,000. Canadian’s median house price went up 12.6 per cent to $397,000, Castlemaine experienced a 12 per cent bump to $545,000 while Colac’s median house price went up 11.9 per cent to $320,000.

Soldiers Hill and Ballarat East rounded out the top 10 for highest growth in median house price with 11.8 per cent and 11.5 per cent respectively.

Following a cool property market over the past 18 months, the REIV expects to see a slight resurgence in the spring selling season. Interest rate cuts and the relaxing of lending standards should stimulate buyer activity Regional Victoria.

The REIV website’s Market Insights page allows you to search the median house price by town, go to reiv.com.au/market-insights.