Regional values revealed
The performance of family homes in regional Victoria over the past year has been revealed by new data.
The Real Estate Institute of Victoria has unveiled the best performing regional suburbs according to house size, noting an increase in demand for larger houses outside of the state’s capital.
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Based on restricting sales data to three- or four-bedroom sales, Gisborne, 55 kilometres north west of Melbourne, emerged as the suburb with the highest median value.
Four-bedroom properties in Gisborne increased by 8.8 per cent to sit on a current median of $608,000, the highest median of any regional suburb experiencing over 50 sales during the year, according to an REIV press release.
This compares to Gisborne’s overall median of $552,000 for the year ending 30 June, as reported on the REIV website.
According to the release, the overall median value for three- and four-bedroom houses in regional Victoria increased by 5.8 per cent and 4.9 per cent respectively over the past 12 months.
In terms of highest median price, Gisborne was followed by four-bedroom houses in Ocean Grove, which increased by two per cent to a median of $577,500, and four-bedroom homes in Highton, which rose 1.4 per cent to $527,500.
In terms of the rate of growth, four-bedroom houses in Alfredton also performed well, increasing by 5.1 per cent over the year to a median of $410,000.
It should be noted that these results only include suburbs that had 50 sales or more over the year.
The REIV noted that when this criterion is excluded, Barwon Heads takes the title for most expensive suburb in regional Victoria.
Barwon Heads recorded a four-bedroom median price of $835,000 and a three-bedroom median price of $735,000, which represents an increase of more than 15 per cent over the year.
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