Region’s outperform metro Melbourne
Regional Victoria continues to outperform the Metropolitan Melbourne property market with substantial gains of almost 10 per cent recorded in some towns in the first quarter of 2019 and a 1 per cent increase overall in the median house price.
Six of the top 20 towns for median house price growth in the March quarter were in the Ballarat area: Redan topped the list with an increase of 9.8 per cent to $357,000, Ballarat East was at seventh with a 4.4 per cent increase to $355,000 just ahead of Soldiers Hill at eight with a 4.3 per cent increase to $485,000 and Brown Hill with a 3.5 per cent increase to $440,000.
Wendouree came in 11th with a 2.8 per cent increase in its median house price to $329,000 and Mount Clear’s median soared 2 per cent to $380,000.
Other areas to fetch impressive house price sales in the first quarter of 2019 included Gippsland, the Bass Coast and Bendigo. Trafalgar featured in second spot for highest median house price growth for the quarter with a 9.7 per cent increase to $392,000 while Traralgon reported a 2.5 per cent increase to $312,500.
On the Bass Coast, Wonthaggi’s property market continued to kick goals following strong results in 2018, showing a 4.7 per cent quarterly increase to $365,000 while the neighbouring holiday haven of Inverloch notched a 2.5 per cent increase in the house price median to $615,000.
The third top performer was Bendigo which recorded an 8.8 per cent increase to $447,000 and Kangaroo Flat recorded a 2.1 per cent increase to $325,500.
Rounding out the top 20 was Stawell with an 8.4 per cent increase, Irymple with 5.4 per cent, Portland showing a 3.1 per cent increase, Gisborne with 2.8 per cent, Mildura, where the median went up 2.6 per cent, Corio with a 2.4 per cent increase and Yarrawonga in 20th place, recording a 2 per cent increase in its median house price.
You can research the median house price in your area on the REIV website, at https://reiv.com.au/market-insights.