news

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
SPI logo
Thank you.

Your enquiry has been sent to a local Aussie Mortgage Broker.

We will be in contact with you shortly.
Opps.

error occurred.
Unfortunately Aussie cannot attend to your home loan related enquiry at this stage as you must be a citizen or permanent resident.
Do you need help finding the right loan for your investment?
What Aussie do for you:
  • Give expert mortgage advice to help you find great investment loan deals
  • Help you maximise return by lowering financing costs
  • Save you time and effort by helping with the paperwork
First name
Last name
Location
Mobile Number
Are you an Australian Resident?
promoted stories

Top Suburbs

Highest annual price growth - click a suburb below to view full profile data:
1.
BLUE BAY 49.18%
2.
PAMBULA 43.5%
3.
BERKELEY VALE 42.74%
4.
POINT PIPER 40.52%
5.
NORTH TURRAMURRA 38.12%