REIV: Positive regional picture

The Real Estate Institute of Victoria’s latest data paints a positive picture of the regional housing market, suggesting more Victorians are choosing to make a sea-change, treechange or just escape the hustle and bustle.

Victoria’s regional market outperformed metropolitan Melbourne in the past 12 months to 30 June, delivering higher median increases in sales of houses and units.

Median house prices in regional Victoria rose 4 per cent in the three months to 30 June 2018 to $419,500 while the median fell by 0.6 per cent in the Melbourne metropolitan area.

The median price for units and apartments in regional Victoria increased by 3.7 per cent to $304,500, while the metro median was up by 0.5 per cent to $604,000.

The growth in regional prices this quarter has spread beyond regional centres, with the median house price increase surging by more than a staggering 10 per cent in three towns.

The median house price increased by 14.9 per cent to $309,000 in Wonthaggi on the Bass Coast, 10.7 per cent to $570,000 in Kyneton, in the Macedon Ranges and 10.5 per cent to $484,000 in Wallan, in Mitchell Shire.

There must be something in the water around Geelong with the suburbs of Corio, Norlane and Newcomb being the best performers if we look at the annual picture.

The median house price in Corio has skyrocketed 33 per cent since June 2017 to $353,000, Norlane’s has gone up by 32.7 per cent to $345,000 and Newcomb has experienced a 29.4 per cent increase to $440,000.

Not surprisingly, regional Victoria’s top two most expensive suburbs are picturesque, seaside towns popular as a retirement, holiday or getaway base. The median price for a Barwon Heads property topped the list at $925,250 (up 8.2 per cent from June 2017) followed by Torquay where the median home would set you back $795,000 (up 10.4 per cent from 30 June 2017). Geelong suburb Newtown is third on the list at $777,500 (up 8 per cent from 30 June 2017).

At the other end of the spectrum, bargains can be found in the Latrobe Valley. In Morwell, Victoria’s most affordable regional town, the median house price is $172,000, Churchill’s median house price is $180,000 and the median is $185,000 in Moe.