Exceptional year for market

Last year was an exceptional year for the state’s property market, categorised by strong price growth and homes selling faster than they have in seven years.

It also saw a number of significant multi-million-dollar sales in regional Victoria, including three above the $4 million barrier.

The top regional sale of 2017 was recorded in February in Queenscliff where a heritage listed mansion sold for $5.3 million. The palatial 10-bedroom, six-bathroom home was sold with approved restoration plans.

This was closely followed by a 21-acre country estate in Mount Macedon, which sold for $5.25 million in May. The property includes a main residence, lodge, manager’s residence, pool and tennis court.

Another Mount Macedon property on 14 acres sold for $4 million in February. Featuring five bedrooms and seven bathrooms, the home also offers a self-contained guest house, pool and helipad.

Mount Macedon was also home to two other top residential sales in 2017 with a semi-rural property selling for $2.64 million in May, while a newly renovated homestead sold for $2.1 million in March.

The Geelong suburb of Newtown was another top performer last year with a five-bedroom family home in Newtown fetching $2.85 million in May. Located near Geelong’s leading private schools, the home features views of Corio Bay, a spacious backyard, in-ground pool and pool house.

A four-bedroom house in the suburb complete with pool and pool house also surpassed the $2 million price point in 2017, selling for $2,080,000 in January.

Meanwhile, a waterfront three-bedroom home with private jetty in Metung sold under the hammer for $2.8 million in April while a cliff top home in Marengo sold for $2.5 million in November.

Other areas recording sales above $2 million include Lancefield, Daylesford, Rippleside, Highton, Porcupine Ridge, Anglesea, Lorne, Lake Wendouree and Point Lonsdale.

For more information on market performance by town or region, head to reiv.com.au/market-insights.