Traditional homes still sought after

An REIV analysis shows that the traditional three- and fourbedroom home is still sought after by country buyers.

Taking a closer look at the nature of dwellings that secured the highest increase in their medians in 2018, the most significant growth in metropolitan areas was peppered across inner, middle and outer Melbourne houses and units, while
the top 10 categories in Regional Victoria were confined to larger houses.

Topping the list was Wendouree where the median price for a threebedroom house skyrocketed 26.5 per cent from $254,475 to $322,000, followed by Norlane where the median for a three-bedroom house increased 22.5 per cent from $302,000 in 2017 to $370,000 in 2018.

The desire for space is also driving demand in Gisborne where four-bedroom houses sold for 21.9 per cent more in 2018 than 2017, as well as Echuca and Wangaratta where the median for a fourbedroom house went up by 20.2 per cent and 20 per cent respectively. Corio and Stawell both recorded growth in the price of threebedroom house of more than 19 per cent, while the median for a four-bedroom house in Drouin soared 17.8 per cent and the same property type in Lara went up by 15.9 per cent in the calendar year.

Rounding out the top 10 threebedroom list was Drouin where the median sale price on a three-bedroom house went from
$370,000 in 2017 to $427,500 in 2018, an increase of 15.5 per cent.

The REIV’s Market Insights page will help you to find out what nature of properties have experienced the highest growth in your town. Go to https://reiv.com.au/market-insights