Corio and Norlane lead regional growth

THE Latest data from the Real Estate Institute of Victoria shows that the median house price for regional Victoria has increased 9.1 per cent in the past year.

Despite rumblings of a cooler property market, Regional Victoria’s median house price has increased from $387,000 in September 2017 to $416,000 in September 2018.

Thirteen regional towns recorded increases of more than 20 per cent in their median house price in the past 12 months.

Two Geelong suburbs led the pack for strongest price growth over the past year: Norlane’s median house price increased 26.8 per cent to $355,000, Corio’s median house price is sitting at $365,000 – up 25.9 per cent.

Next on the list is Wendouree where the median house price has risen 23.5 per cent to $305,000, followed by the Phillip Island town of Cowes where the median went from $393,000 to $485,000 and Drysdale, which recorded a 22.6 per cent increase in the median house price to $515,000.

Newcomb’s median house price has soared 22.4 per cent to $453,500, Wonthaggi’s has increased 22.2 per cent to $339,000 and Wallan’s median house price has gone up 21.3 per cent to $497,500.

Rounding out the top 10 best performers were Venus Bay with a 21.2 per cent increase in the median house price and Kyneton with a 21.1 per cent rise to $600,000.

Inverloch, Armstrong Creek and Kilmore all recorded growth in their median house price of more than 20 per cent while the median house price increased by more than 15 per cent in Flora Hill, Drouin, Strathdale, Clifton Springs, Kyabram, Wodonga and Heathcote.

Head to reiv.com.au/market-insights to search your town’s latest sales results, median prices, trends and statistics.