Over 2017, the Real Estate Institute of Victoria (REIV) has said that the regional Victoria property market saw strong price growth and homes selling faster than they have seen in seven years, emphasised by three major sales above $4 million.
CEO Gil King said the year saw a number of significant multimillion-dollar sales in regional Victoria, including three above the $4 million mark.
He said the top regional sale of 2017 was recorded in February in, where a heritage listed mansion sold for $5.3 million.
“The palatial 10-bedroom, six-bathroom home was sold with approved restoration plans,” said Mr King.
“This was closely followed by a 21-acre country estate in Mount Macedon, which sold for $5.25 million in May. The property includes a main residence, lodge, manager’s residence, pool and tennis court.
“Another Mount Macedon property on 14 acres sold for $4 million in February. Featuring five-bedrooms and seven bathrooms, the home also offers a self-contained guest house, pool and helipad.”
Mr King said Mount Macedon was also home to two other top residential sales in 2017, with a semi-rural property selling for $2.64 million in May while a newly renovated homestead sold for $2.1 million in March.
“The Geelong suburb of was another top performer last year with a five-bedroom family home in Newtown fetching $2.85 million in May. Located near Geelong’s leading private schools, the home features views of Corio Bay, a spacious backyard, in-ground pool and pool house,” he said.
“A four-bedroom house in the suburb complete with pool and pool house also surpassed the $2 million price point in 2017, selling for $2,080,000 in January.
“Meanwhile, a waterfront three-bedroom home with private jetty in Metung sold under the hammer for $2.8 million in April, while a cliff top home in Marengo sold for $2.5 million in November.”