Central Goldfields house prices grow 27.1% over quarter but Newborough weakest: REIV

Regional Victoria’s median house price increased in the March quarter to $311,500, according to the latest data released by the Real Estate Institute of Victoria.

“Regional Victoria continued to record steady growth with a median house price of $311,500 (seasonally adjusted) following a 2% increase in the quarter,” says REIV chief executive Enzo Raimondo.

“Median prices increased 3.2% in Bendigo to reach $320,000 contrasting against a drop of 3.4% to $280,000 in Ballarat and a 1.3% drop in Geelong to $390,000,” says Raimondo.

The strongest five performing suburbs include Central Goldfields, Ararat, Baw Baw, Drouin and Traralgon.

Central Goldfields recorded the strongest growth of 27.1% over the March quarter with a median house price of $222,500.

Drouin followed with a growth of 25.8% and a median price of $314,500. 

Ararat also recorded a strong growth of 15.7% with the median price growing to $162,000 from the December quarter price of $140,000.

Traralgon grew 7.4% over the quarter to $299,727 and Baw Baw grew 6.6% to a median price of $314,500.

The weakest performing suburb was Newborough with a 25.1% price drop over the quarter.

The median price in Newborough dropped from $247,000 in the December quarter to $185,000 in the March quarter.

Campaspe was close behind, dropping -24.5% over the quarter to $200,000.

Point Lonsdale dropped 23.5% to $562,000 from the recorded December quarter figure of $735,000.

Moe dropped 19% and Bairnsdale dropped -18.4%.

Suburbs with less that 25 sales were not included in the analysis by the REIV.

Photo courtesy of Central Goldfields Shire Council.