Gil King, Real Estate Institute of Victoria chief executive officer
The Geelong suburbs of Norlane, Corio, Drysdale and Newcomb have featured in eegional Victoria’s top 10 for the largest growth in median house prices over the past year.
The Real Estate Institute of Victoria’s latest data shows that while the median house price has increased 9.1 per cent in regional Victoria, some Geelong suburbs are reporting increases of up to 26.8 per cent in the year to 30 September.
Norlane led the pack with a 26.8 per cent increase in its median house price over the past 12 months to $355,000. The median house price in Corio soared 25.9 per cent to $365,000, Drysdale’s median house price increased 22.6 per cent to $515,000 and the median house price in Newcomb climbed 22.4 per cent to $453,500.
Barwon Heads, Torquay and Newtown are still home to regional Victoria’s most expensive real estate with the three towns topping the list for the highest median house prices. The median house price in Barwon Heads is $910,250 (up 7.6 per cent in the past 12 months), Torquay’s median house price is $817,500 (up 11.2 per cent) and Newtown’s median house price is $800,000 (up 12.8 per cent). The median house price for regional Victoria is sitting at $416,500.
It is a similar story for units and apartments: the regional Victorian median is $292,500, having increased 4.9 per cent in the 12 months to 30 September. The median price for a unit in Apollo Bay soared 26.9 per cent over the same time, the median unit price in Ocean Grove increased 19.7 per cent to $760,000 and Lorne’s unit median has gone up 19 per cent to $672,500.
You can use the REIV’s website to source detailed market information on your town, go to reiv.com.au/market-insights.
