The Greater Geelong area topped the list of Victoria’s growth areas over 2017, due to its closeness to Melbourne and quality amenities and infrastructure, according to the REIV.
The latest REIV data shows that the Geelong suburb of Norlane recorded the state’s highest annual growth in 2017, with its median house price increasing 28.8 per cent to $305,000. This was up from $236,750 in December 2016.
Nearby Corio also recorded significant growth of 24.4 per cent over the year, boosting the suburb’s median house price to $311,000 in December — a capital gain of more than $60,000.
REIV CEO Gil King said that similar price growth was also experienced in East Geelong, where house prices rose by more than $100,000 over the year to a median of $645,000.
“House prices also rose strongly in Geelong West and last year, both increasing by more than 20 per cent in 2017 to median prices of $665,000 and $492,500, respectively,” Mr King said.
“Other Greater Geelong areas benefitting from increased buyer demand last year include Hamlyn Heights, up [by] 18.1 per cent to a median of $506,000; Clifton Springs, up [by] 17.8 per cent to a median of $430,000; Bell Post Hill, up [by] 17.2 per cent to a median of $440,000; and , up [by] 16.7 per cent to a median house price of $502,000.”
Mr King said thatrecorded the state’s largest growth outside of Geelong, with house prices in the Ballarat suburb increasing by more than $80,000 over the year to a median of $425,000.
“Irymple near Mildura was another top performer in 2017, with the town’s median house price hitting $320,000 in December — an annual increase of 24.3 per cent. Double-digit price growth was also recorded in nearby Red Cliffs, where house prices rose [by] 13.8 per cent over the year to $227,000.”
Mr King said that 2017 also delivered good news for vendors in Colac in the state’s west, where house prices rose by 15.7 per cent to a median of $283,500.
“The commuter towns of Warragul and Wallan also experienced strong price growth in 2017, up [by] 16 per cent and 14.7 per cent, respectively. Warragul now commands a median house price of $435,000 while Wallan’s median price is $430,000.”