Family-sized homes pushing prices in Victoria

By Staff Reporter
Family-sized homes pushing prices in Victoria

Demand for space in Victoria has boosted the median house price of family-sized homes, with significant price growth recorded in the past year across regional towns.

New REIV data shows four-bedroom homes in regional Victoria experienced the highest annual growth of any property type, up 3.5 per cent over the year to a median of $445,000.

MansfieldMansfield, QLD Mansfield, VIC in north-east Victoria recorded the state’s largest increase for this property type, up 27 per cent to a median of $510,000 – an increase of more than $100,000 on December 2015 figures.

Significant growth for large homes was also recorded in Cape Paterson, where the median price for four-bedroom homes increased 24 per cent over the year to a median of $435,000. This was up from $349,000 in December 2015.

Buyer demand for family homes was also evident in Benalla and Swan Hill, up 22.3 and 21.4 per cent with median house prices of $337,500 and $355,000 respectively.

Similar price growth of more than 20 per cent was also experienced in the coastal towns of Portarlington and PortlandPortland, NSW Portland, VIC, with the median price for four-bedroom homes at $637,500 and $335,000 respectively.

Double-digit annual growth for four-bedroom homes was also recorded in Kilmore, up 19 per cent to a median price of $416,500; Bairnsdale, up 18.3 per cent to $342,000; St LeonardsSt Leonards, VIC St Leonards, NSW St Leonards, TAS, up 16.8 per cent to $537,500; and Gisborne, up 14.3 per cent to $735,000.

Three-bedroom homes were also popular with buyers, up 1 per cent state-wide to a median price of $315,000.

Some of Victoria’s top performers for this property type include Paynesville, where three-bedroom homes rose more than 25 per cent over the year to a median of $315,000.

East Geelong also experienced strong annual price growth, with the median for the same sized house increasing 25 per cent to a median of $512,500.

Other towns seeing solid price growth for three-bedroom homes include Apollo Bay, up 19.4 per cent to a median of $522,500; Drouin, up 16.4 per cent to $335,750; Red Cliffs, up 15.7 per cent to $210,500; and Shepparton, up 15.6 per cent to $257,250.

Family-sized homes pushing prices in Victoria
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