Significant price growth in regional Vic

Author: Enzo Raimondo
Date: 13 May 16

While house prices in regional Victoria increased 4.5 per cent in the year to March 31, new REIV data shows regional-vic.jpgmultiple regional towns experienced significant capital growth.

 
Horsham in western Victoria saw the state’s highest annual growth with house prices there rising to a new median peak price of $237,000, well ahead of  March last year where the median price was below $200,000. 


Significant growth was also recorded in Daylesford, where house prices rose more than 20 per cent in the 12 month period to a median of $485,000. This was up from a median of $401,500 for the same period last year. 


Other towns performing strongly in the year to March 31 were the Ballarat suburb of Soldiers Hill and West Wodonga on the Victorian-NSW border.  


House prices in Soldiers Hill increased 17.5 per cent over the year to a median of $373,000, up from $317,500 for the same period last year. 


Meanwhile, West Wodonga’s median house price rose 16.9 per cent over the year to a median of $331,500. This was up from $283,500 in March 2015.


Significant capital growth was also recorded in towns within commuting distance of Melbourne. 
Towns experiencing double-digit increases – and within commuting distance of the city - include Ballarat North, up 13.3 per cent to a median of $342,750; Warragul, up 11 per cent to a median of $345,000; Bell Park, up 11.2 per cent to $342,000; Cowes, up 10.9 per cent to $380,000; and Brown Hill, up 10.6 per cent to a median of $340,000.


Solid annual price increases were also experienced in Echuca and Norlane, up 9.7 and 9.6 per cent respectively to medians of $329,000 and $222,500.


Price growth in a variety of regions across the state – including many areas further from Melbourne – reflects ongoing interest in regional Victoria by investors and homebuyers. 


Growth was also seen in Gisborne, up 8.9 per cent to a median of $588,000; Colac 8.4 per cent to $262,500; and Kennington, up 8.4 per cent to $336,000.