Long-term growth in country Victoria
Author: Enzo Raimondo
Date: 4 Jan 16
Multiple regional towns have recorded significant median house price growth in the five years to September 30.
The largest capital growth over the five-year period was seen in the Macedon Ranges town of Kyneton.
Located 85km from Melbourne’s CBD, the town’s median house price increased 39 per cent in five years to $466,000, up from $335,500 in September 2010.
This was closely followed by the regional centre of Geelong, where the median house price rose 37 per cent over the same period to $577,500 in September 2015. This was up from $421,250 in September 2010.
Significant median house price growth was also recorded in Benalla and Bendigo, both up 33 per cent over five years, to $259,500 and $371,000 respectively.
Other towns performing strongly with capital growth of at least 30 per cent were Ballarat Central, up 31 per cent to $347,000; Barwon Heads, up 31 per cent to $777,000; Flora Hill, up 30 per cent to $340,000; and Eaglehawk, up 30 per cent to $272,000.
Solid price increases were also recorded in Drouin, Geelong West and Wangaratta – all up 28 per cent in the five years to September 2015. House prices in the West Gippsland town of Drouin rose to $330,000 over the five year period while Geelong West’s median topped $480,000 in September this year. Wangaratta’s median house price of $319,500 is up from $250,000 in September 2010.
Meanwhile, Colac-Otway in the state’s south west was regional Victoria’s best performing municipality in the five years to September 30. The median house price in the region rose 38 per cent in five years to $358,500. This was up from $260,000 in September 2010.
Central Goldfield in central Victoria also recorded significant median house price growth over the five years, up 33 per cent to $213,500. In September 2010, the municipality’s median house price was $160,000.
Other areas experiencing solid growth include Baw Baw, up 32 per cent to $329,000; Alpine, up 31 per cent to $385,000; Greater Bendigo, up 26 per cent to $340,000; and Golden Plains, up 21 per cent to $382,000.