Regional town apartments prosper in Victoria's record year in property sales: Valuer General 2020 report
The City of Greater Geelong secured $4.72 billion in real estate transactions in 2020. It was just short of municipal Melbourne’s $4.86 billion, according to Victoria’s Valuer-General’s Guide to Property Values.
Victoria's record year for property sales saw $120.5 billion in sales despite the Covid-19 pandemic.
The total value of sales of all property in Victoria increased by 7.6 per cent.
The total number of sales increased by 11 per cent from 150,088 to an estimated 166,728, reflecting an increase of 6.2 per cent in the number of residential sales.
It should be noted that there is an estimated five per cent of all property and 15 per cent of metropolitan unit and land sales yet to be recorded, the report noted due to the extended settlement period for off- the-plan sales.
The median house price in Victoria’s residential property market increased by 2.5 per cent to $625,000 in 2020. It had decreased by 0.1 per cent in 2019 ($610,000) and increased by 2.5 per cent in 2018 ($610,500).
Growth in house prices in country Victoria (regional cities and towns) in 2020 was higher than metropolitan Melbourne, with country Victoria median house sale prices increasing 7.8 per cent compared to the 4 per cent increase in the metropolitan median. Unit/apartment median prices in metropolitan Melbourne increased by 3.1 per cent, compared with 8.3 per cent for unit/apartment prices in country Victoria.
The median sale price recorded for Melbourne houses in 2020 was $750,000. The median sale price recorded for Melbourne’s units in 2020 was $591,750.
Melbourne’s median sale price for vacant residential land rose 0.8 per cent to $315,000 in 2020. A booming Geelong might come close to trumping the City of Melbourne again this year, realestate.com.au economic research executive manager Cameron Kusher told The Herald Sun.
The evolution of Geelong gained momentum with the launch of Franzé Developments’ $150 million Geelong Quarter precinct in 2018.
It was described as the most significant mixed-use project on the Bellarine Peninsula in two decades. Designed by Architectus, Geelong Quarter will be an active hub for 1,500 residents, workers and visitors each day on its 2022 completion.
Marketing is currently underway on the offering, Ryrie Home, the residential apartment complex where many of the 109 one, two and three-bedroom apartments have views of Corio Bay. Ballarat and Bendigo property deals totalled $1.69bn and $1.489bn respectively, according to the report that provides property statistics for Victoria's 79 municipalities