Seventh consecutive price rise

House prices in regional Victoria rose for the seventh consecutive quarter in the last three months of 2017, increasing 2.6 per cent to a record high median of $396,500.

New REIV data shows the Geelong suburb of Norlane experienced the state’s largest percentage increase, up 10.9 per cent to a median house price of $305,000. This was $30,000 higher than September quarter figures.

Clifton Springs on the Bellarine Peninsula also performed well in the December quarter with house prices in the coastal town rising nine per cent to $430,000. This was up from $394,500 in September.

Strong capital gains in the last three months of the year were also recorded in Maldon and Red Cliffs, up 8.5 and 8.4 per cent respectively. Maldon’s median house price topped $440,000 in December while homes in Red Cliffs now command a median price of $227,000.

House prices also rose significantly in the Bendigo suburb of Strathdale, up $30,000 over the quarter to $391,250 – a 8.3 per cent quarterly increase.

Similar quarterly price growth of 8.1 per cent was also experienced in the West Gippsland town of Trafalgar, boosting its median house price to $365,000.

Meanwhile, Greater Geelong continues to benefit from strong price growth in Melbourne with multiple suburbs experiencing solid price growth in the December quarter. Some of the strongest price growth was seen in Herne Hill, up 8.2 per cent to a median house price of $492,500; East Geelong, up 7.3 per cent to $645,000; Corio, up 7.2 per cent to a median of $311,000; Newtown, up 7.1 per cent to $760,000; and Highton, up six per cent to a median of $645,000.

Top performers in the City of Ballarat include Mount Helen, Ballarat East, Redan and Canadian with quarterly price growth of 7.8, 6.8, 5.7 and five per cent respectively.

Other regional towns recording quarterly growth of around five per cent include Kyabram ($264,000), Bairnsdale ($290,000), Wodonga ($321,500) and Wallan ($430,000).

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