Regional Victoria house prices steadily rising, according to new data

Across regional Victoria, the median price for one-bedroom units has risen by 14 per cent, and by 8.2 per cent and 11.8 per cent for two- and three-bedroom units, respectively.

Two-bedroom houses have shown a median rise of 12.2 per cent, with smaller increases of 9.4 per cent and 6.7 per cent for three- and four-bedroom houses.

Certain areas of Victoria have seen a bigger boom than others, with some recording increases of over 30 per cent.

Norlane had an increase of 32.2 per cent over three months, making the price of a three-bedroom house $440,500, and areas like Ballarat and Ocean Grove had increases of over 20 per cent.

REIV CEO Gil King said that Ocean Grove was regional Victoria’s most expensive unit market after rising by 11.1 per cent in the last quarter to a median of $700,000.

“Median apartment prices across Melbourne have risen by 8.8 per cent over the past year, dwarfed by a 27.3 per cent increase in the Ocean Grove apartment median over the same period,” Mr King said.

Three- and four-bedroom homes in Lara also were on the up, with 18.4 per cent and 17.4 per cent rises, respectively.

In the first quarter of 2018, there was a 13.7 per cent rise in Horsham for three-bedroom homes and a 10.6 per cent rise in Benalla for the same dwelling.

This rise in the quarter was an improvement for Horsham and Benalla after a relatively flat 2017.

Other winners of the first quarter of 2018 was Greater Geelong, which had the majority of the top 10 most expensive suburbs in regional Victoria.

Topping the list in Victoria was Barwon Heads, which saw house prices rise by 6.1 per cent to $900,000.

“Price growth there in the quarter outstripped that of the Melbourne metropolitan area, where the house median sale was $855,000 after growth of 4.4 per cent,” Mr King said.