Every Victorian suburb’s median house price: Real Estate Institute of Victoria
Regional house prices have soared more than 10 per cent in three months, as Melbourne maintained its million-dollar median. See what a house in your suburb sells for.
Regional Victorian house prices have soared more than 10 per cent in the past three months, as Melbourne maintained its million-dollar median.
A typical house in the state’s regions sold for $559,500 in the June quarter – marking a massive 10.5 per cent gain equating to about $50,000.
Wodonga and Red Cliffs, both on the New South Wales border, were the best regional performers, with their median sale prices topping $400,000 and $328,910 respectively for a house – a jump of more than 15 per cent.
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Warrnambool and Ballarat also recorded big returns, according to Real Estate Institute of Victoria data shared exclusively with the Herald Sun.
In the capital city, where the median house sale price hit a record $1m in the March quarter, the figure remained strong at $1.01m.
Hawthorn East was metro Melbourne’s top growth suburb with its median sale price surging 42.2 per cent to $2.9m — making it the state’s second most expensive suburb.
Ringwood East and Mornington also saw incredible growth, with the medians rising by 32.3 and 27 per cent in that period respectively, as buyers continued to move out of the city and into more lifestyle-centric areas.
REIV president Leah Calnan said the supercharged figures demonstrated the state’s property market was still going “from strength to strength”.
“We’ve been saying it for 12 months, we were confident that regional Victoria would outstrip metro Melbourne,” Ms Calnan said.
“And I think we will see it continue throughout 2021, or while we’re still in a pandemic.
“Every time there’s a lockdown it does make people question their living arrangements, their priorities.”
Ms Calnan also acknowledge the strain on affordability, particularly across Melbourne, now government stimulus had ceased.
Toorak remained the city’s most expensive spot to buy a house, with $5m the typical price paid, while Geelong took out the top four priciest spots in the regions with Barwon Heads, Torquay, Point Lonsdale and Newtown all sitting around the million-dollar mark.
McGrath Geelong agent Mergim Ibrahimi said an influx of Melbourne buyers and low supply had pushed property prices to a record high.
“They have that greater budget and areas like Highton have benefited because people from Melbourne aren’t too concerned about a particular suburb, they just want to be in a good suburb,” he said.
He added that delays on building materials had forced people to look at established homes, furthering demand.
Wakelin Property Advisory director Jarrod McCabe said the Covid-19 threat across the country was still driving demand.
“There’s still an uncertainty across the country, people are worried about another lockdown,” he said.
“So the certainty you get at the moment is better than what you might see in spring. Vendors are seeing the best demand from buyers and they’re trying to take advantage of that while it’s there.”
But he said he “wouldn’t be surprised to see things plateau off as we get into September”.
Ringwood East parents Dana and Clint have listed their family home at 114 Dublin Rd, with Ray White Ringwood agent Reuben Nadarajah, while they look for a bigger house in the same suburb.
The pair, who have three children under 10, said they were happy to be selling in the sizzling market, but were worried about being priced out when buying in the same conditions.
Ringwood East’s median jumped from $907,000 in the previous quarter to $1.2m.
“We just want to upgrade to a three or four bedroom – and we are worried (about buying back in with prices so high),” Dana said. “But at the same time, you just have to take a chance and make that move.
“We’ve been wanting to sell for quite some time. But we’ll just have to try and keep looking until we find something that suits and that we can afford.”
Melbourne’s apartment median rose slightly to $679,500 in June, and reached about $394,000 in regional Victoria.
REGIONAL VIC GOES GANGBUSTERS
For the past 18 months, Tegan and Tim Sheringham have been tossing up whether or not to sell their family home in the Geelong suburb of Highton.
The couple purchased a block of land at Batesford in 2019 where they intend to build a dream house for their three kids, Ollie, 8 and twins Lewy and Ari, 7 to play.
But when the pandemic hit, and Ms Sheringham was unable to work as a beauty therapist, they had to put their plans on hold.
Last month they decided to take the plunge, given the state of the market, and two days later their home of six years was sold.
“Twelve months ago we had a valuation done of the property and a year later it had jumped — we got $250,000 more than what we thought we would get 12 months ago, which was still a really good price,” Ms Sheringham said.
“We sold it off market, we’d expressed interest to (McGrath Geelong agent) Mergim Ibrahimi and just said if we could have people look through before it even hit the market it would relax us. We had the buyers walk through once and two days later we sold.”
In the past three months, a typical home in Highton sold for $840,000 — up almost 7 per cent on the March quarter, according to the REIV.
Ms Sheringham said the sale had “exceeded our expectations,” adding that the extra cash would help ensure their new home had everything they wanted when construction started at the end of the year.
Mr Ibrahimi said the Geelong market had benefited from “increased migration from Melbourne”, as well as low stock and delays on building materials.
But he predicted Geelong might have “hit a point where Melbourne buyers are considering (outer) Melbourne areas as an option because Geelong is now so expensive”.
“The real test will be spring,” he said.
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Originally published as Every Victorian suburb’s median house price: Real Estate Institute of Victoria
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