Warrnambool, Bendigo, Mildura: Annual property value change of every Victorian region, suburb

Search our comprehensive interactive to see the difference in the annual property value of every town in regional Victoria and suburb in metro Melbourne.

Property values of homes in regional Victoria are skyrocketing, with Myrtleford in northeast Victoria leading the way.

Data from CoreLogic shows Myrtleford had the highest annual value change with the median price of a dwelling increasing 49.2 per cent to $588,441 when compared to last year.

It was closely followed by Timboon in southwest Victoria with dwellings increasing 46.7 per cent to $504,941.

Melbourne Buyer Advocate Frank Valentic, one of the experts on The Block, said city people were flocking to coastal towns as a result of Covid.

“That market is on steroids compared to any other market,” he said.

Housing values across regional Victoria have shown a substantially stronger growth trend relative to Melbourne with housing values up 22.3 per cent over the past 12 months while Melbourne housing values were up a 12.5 per cent.

There has been a clear slowdown in housing values across Melbourne, with the rolling quarterly rise reducing from 5.8 per cent over the three months ending April last year to just 0.2 per cent over the most recent three month period ending February 2022.

Growth is easing across Regional Victoria too, with the three month change peaking at 7.1 per cent in April last year before reducing to 4.7 per cent over the past three months.

CoreLogic’s director of research, Tim Lawless, said more people were favouring regional areas of Victoria or interstate.

“The areas with the highest rate of capital gain over the past year have been skewed towards regional areas of the state, especially in areas that offer some element of lifestyle appeal, including ‘tree change’ and ‘sea change’ locations. Often these areas provide a blend of affordability and liveability which have been popular attributes through the pandemic to-date,” he said.

Mr Valentic said for the past few years it had been an unbalanced market between buyer and sellers market it was beginning to balance now.

“There is talk that rates are going up and prices might flatten so quite a few sellers are looking to cash in now,” he said.

“Sellers have had their time to shine now is hopefully the time for buyer to shine.”

Across the nation data also shows a slow down in the property market, hinting towards what could be the end to the growing Covid driven booms enjoyed by property owners during 2021, when property value jumped 25 per cent.

Mr Lawless said Sydney and Melbourne had shown the “sharpest slowdown”.

The 10 Victorian suburbs with the largest property annual value change

Timboon

Myrtleford

Cobden

St Andrews Beach

Loch Sport

Golden Beach

Apollo Bay

Elliminyt

Goughs Bay

Mount Beauty

The 10 Victorian suburbs with the least property annual value change

South Yarra

Elsternwick

Ripponlea

Gardenvale

Ormond

Prahran

Windsor

Toorak

Armadale

Glen Huntly