Greater Geelong dominates

Proximity to Melbourne combined with quality amenities and infrastructure saw Greater Geelong dominate the list of top annual growth areas in 2017.

The latest REIV data shows the Geelong suburb of Norlane recorded the state’s highest annual growth in 2017 with its median house price increasing 28.8 per cent to $305,000. This was up from $236,750 in December 2016.

Nearby Corio also recorded significant growth of 24.4 per cent over the year, boosting the suburb’s median house price to $311,000 in December – a capital gain of more than $60,000.

Similar price growth was also experienced in East Geelong where house prices rose by more than $100,000 over the year to a median of $645,000.

House prices also rose strongly in Geelong West and Herne Hill last year, both increasing by more than 20 per cent in 2017 to median prices of $665,000 and $492,500 respectively.

Other Greater Geelong areas benefiting from increased buyer demand last year include Hamlyn Heights, up 18.1 per cent to a median of $506,000; Clifton Springs, up 17.8 per cent to a median of $430,000; Bell Post Hill, up 17.2 per cent to a median of $440,000 and Belmont, up 16.7 per cent to a median house price of $502,000.

Meanwhile, Soldiers Hill recorded the state’s largest growth outside of Geelong with house prices in the Ballarat suburb increasing more than $80,000 over the year to a median of $425,000.

Capital growth of about 20 per cent was also evident in Ballarat Central and Black Hill, lifting their median house prices to $414,000 and $370,000 respectively.

Irymple near Mildura was another top performer in 2017 with the town’s median house price hitting $320,000 in December – an annual increase of 24.3 per cent. Double-digit price growth was also recorded in nearby Red Cliffs, where house prices rose 13.8 per cent over the year to $227,000.

Last year also delivered good news for vendors in Colac in the state’s west, where house prices rose 15.7 per cent to a median of $283,500.

The commuter towns of Warragul and Wallan also experienced strong price growth in 2017, up 16 and 14.7 per cent respectively. Warragul now commands a median house price of $435,000 while Wallan’s median price is $430,000.

For more information on median house prices by town or region, head to reiv.com.au/market-insights.