More places join half-millionaires club

FOUR towns in regional Victoria cracked the half million median house price for the first time in the March 2019 quarter, according to Real Estate Institute of Victoria data.

Phillip Island’s Cape Woolamai’s median increased 11 per cent from $477,625 to $530,000 in the March 2019 quarter, showing strong growth in the holiday haven’s property market. The top sale for the quarter was a modern three-bedroom house in Kendall Avenue which changed hands for $550,000.

Another seaside town, the Bellarine Peninsula’s Curlewis, also cracked the half-a-million median in the first quarter of 2019. Curlewis’ median is now sitting at exactly $500,000, up two per cent from $490,000 in the last quarter of 2018. A four-bedroom masterpiece on Shoreline Drive smashed that median, securing a $810,000 sale price.

The Bacchus Marsh suburb of Darley also joined the club. Darley has experienced rapid growth and development in recent years, which may have contributed to its 2.6 per cent increase in the median house price from $490,000 to $502,500.

Meanwhile, McKenzie Hill’s median house price soared from $490,000 in the December 2018 quarter to $522,000 in the March 2019 quarter, a 6.5 per cent increase. The top sale so far this year was a four-bedroom family home on McKenzie Way which sold for $620,000.

To find out more about the property market in your area, go to reiv.com.au/market-insights.