Great Geelong going strong

Proximity to Melbourne is delivering dividends for the City of Greater Geelong, with new REIV data showing the municipality is home to seven of the state’s most expensive towns.

The coastal town of Barwon Heads is Victoria’s most expensive, recording a median house price of $848,000 in the December quarter. Not only is this significantly higher than the regional median house price of $396,500, it is also higher than the metropolitan Melbourne median of $821,000.

Newtown also remained highly sought after by buyers in the last three months of 2017, with houses in the Geelong suburb commanding a median price of $760,000 – almost $100,000 more than the median price of homes in Melbourne’s outer ring.

Geelong was another of the state’s most expensive locations in December with a median house price on par with its city counterparts, at $720,000.

Homes in Geelong West and East Geelong also attracted top dollar with median house prices of $665,000 and $645,000 respectively. Strong buyer demand for homes in these suburbs has boosted house prices by at least 20 per cent over the past year.

Other Greater Geelong towns with high median house prices include Highton and Ocean Grove, at $645,000 and $368,750 respectively. Both areas have experienced double-digit price growth over the past year.

Torquay in the Surf Coast was another of Victoria’s most expensive towns, recording a median house price of $745,000 in December. This is 6.5 per cent higher than the same period last year.

Meanwhile, towns in the Macedon Ranges are also benefitting from strong price growth in Melbourne. Gisborne, on the outskirts of the city, has a median house price of $680,000 which is equivalent to those in outer Melbourne.

High house prices were also recorded in Woodend in December, with a median price of $645,000.

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