Units up

REGIONAL Victoria’s hottest unit market is in the burgeoning Geelong region according the Real Estate Institute of Victoria’s latest data release.

Unit and apartment living tends to be more prevalent and sought after in the bigger regional cities and is becoming increasingly so as development surges and cities get busier and more dense.

The REIV’s June quarter data recording unit median prices in towns that had at least 10 unit sales in the 12 months to 30 June shows that Highton and Geelong CBD shared the top mantle with 33.3 per cent growth in their unit median price.

Interestingly, both postcodes have a unit median of more than half-a-million dollars now, levels you would expect to see in an inner-Melbourne suburb. Highton’s median unit price is sitting at $508,000 (up from $381,000) while Geelong’s is a whopping $690,000 (up from $517,500).

Three more Geelong suburbs made the top 10. Manifold Heights came in third with a 24.2 per cent increase to $402,500, Herne Hill was fifth up 18.3 per cent to $319,500 and Newcomb was seventh with a 14.1 per cent rise to $361,000.

Ballarat also recorded significant growth in the unit median price with Wendouree and Canadian making the top 10 list. Wendouree’s median unit price is sitting at $222,500, up 20.3 per cent from $185,000 while Canadian came in eighth with a 13.5 per cent increase to $303,000, up from $267,000.

Rounding out the top 10 in sixth, ninth and tenth place respectively were Mildura, Warragul and Shepparton.

The REIV website’s Market Insights page allows you to search the median unit price by town, Go to reiv.com.au/market-insights.