Western Victoria leads the way in latest regional medians

Victoria’s west has led the way with solid home price growth from Horsham to Geelong, the latest REIV price data shows.

Buyers have been attracted to the surf coast lifestyle in particular, the REIV CEO Geoff White said.

The east of the state, Warragul, Cowes and Bairnsdale has shown strong price growth.

The latest REIV median data shows that while annual growth across the state has been relatively moderate at 2.3 per cent to $348,500, a number of locations are showing far greater increases.

Horsham in western Victoria topped the list for median price growth over the year, increasing almost 20 per cent to a median price of $249,975, Mr White said.

Also making the top five list for median price increases, in the west of the state, were Geelong (up 16.9 per cent to $675,000), Torquay (up 14 per cent to $690,000), and St Leonards (up 13.7 per cent to $426,250).

“The latest research shows that buyers were not only drawn to the west, but largely to locations within commuting distance of Melbourne,” Mr White said. “New infrastructure in the west is enhancing prices.

“The faster train services which have been introduced between Geelong and Melbourne in recent years continue to improve prices in the bayside city.

“And Surf Coast locations, including Torquay, continue to benefit from easy access to the freeway and the Geelong bypass, cutting commuting time into Melbourne significantly.”

Mr White added that the other trend was the significant growth in coastal locations, from Cowes in the east of Victoria to Anglesea in the west.

“Regional Victoria is increasingly attractive to buyers and investors, offering access to quality amenities combined with a relaxed country lifestyle,” he said.

“Continued growth in the Melbourne median house price – which rose three per cent to $740,000 this quarter – also adds to the allure of locations close to Melbourne which are well below the Melbourne median price.”