What $650,000 buys in Geelong, the nation's top performing regional area

The CoreLogic Quarterly Regional Market Update ranks Geelong as taking regional honours with the largest annual increase in median values in both houses (15.8%) and units (12.2%).

Houses increased by nearly 16%, while units saw an increase of over 12%.

Sales activity was down 3% across Geelong

Rental rates for units in Geelong increased by nearly 2%.

A home at 161 Verner Street (top) recently sold for $1,420,000 after being built in 2011.

The 860 square metre parcel last traded for $319,000 in 2009.

A Mundy Street home (below), designed and built in 2014 by Padarc, sold for $950,000 after having a guide of $899,000 to $969,000.

The three bedroom property was built to wrap around a central courtyard.

It was a windfall result for the vendors, who paid $198,662 for the 210 square metre parcel then $350,000 for the build of the home.

A classic cottage at 16 Brownbill Street (below) sold for for $650,000 at its recent weekend auction.

A three bedroom home at 46 Bourke Crescent recently fetched for $780,000.

The 455sqm homestead (below) last sold for 288,000 in 2003, almost a 300 percent increase in value in 15 years.

A two bedroom, one bathroom house marketed as a quaint and charming family home recently sold for $581,000 (below).

Located on 151 Swanston Street, the 301sqm one-story holding last sold for $272,500 in June 2009.