Unit prices make region Toorak of southwest
The four most expensive unit markets in Regional Victoria are all located in the Geelong/Bellarine Peninsula/Surf Coast area according to the latest data from the Real Estate Institute of Victoria (REIV).
The REIV’s data for the first quarter of 2019, which is based on actual sales results, saw Geelong take out the mantle of the most expensive unit market for the first time. Geelong’s median unit price is now sitting at $682,000, which is a whopping 49.9 per cent annual increase and 6.6 per cent quarterly increase.
Considering that Toorak’s unit median is sitting at $685,000 at 31 March 2019, this is quite a remarkable result for Geelong and is yet another indicator that the property market in the region is going gangbusters.
Ocean Grove is sitting in second place for Regional Victoria’s most exclusive unit market with a median of $666,250, following a 4.8 per cent reduction in the first quarter, then it was Barwon Heads, which also reported a reduction in the median unit price (of 1.5 per cent) and now has a unit median of $660,000.
Torquay’s median unit price increased 8.5 per cent during the 12 months to 31 March 2019, but fell 3.2 per cent in the first quarter of 2019 to $610,000. Gisborne rounded out the top five for highest unit median at more than $100,000 less than the fourthplace holder. Gisborne’s median is sitting at $502,000, having soared 9.8 per cent in the past year.
At the other end of the scale, most of Regional Victoria’s bargain unit markets can be found in Gippsland. The most affordable unit median was in Moe at $145,000 – unchanged on both the quarterly and annual comparison.
Morwell’s unit median increased 9.0 per cent in the first quarter of 2019 to $163,500 followed by Ararat at $171,500, having
decreased 9.7 per cent during the quarter. Fourth on the cheapest unit list was Newborough at $175,000, Benalla at $205,000, Bairnsdale at $210,000, Traralgon at $214,000 and Sale not far behind at $215,000. \
You can research the median unit price in your area on the REIV website, at reiv.com.au/marketinsights.