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.
Mansfield 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 Portland, 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 Leonards, 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.