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The latest REIV data shows there are still affordable opportunities for buyers to enter the property market near some of Victoria’s fastest-growing regional cities.
While Ballarat Central enjoyed strong growth in the year to September, with turnover of 254 properties and price growth of 5.8 per cent to a median of $344,000, the town’s outskirts allow buyers to get a foothold on the property ladder for significantly less.
Within five kilometres of the Ballarat CBD, Redan, Black Hill and Ballarat East are all more affordable alternatives, with median house prices below the $300,000 barrier.
Buyers can also consider Sebastopol and Wendouree on Ballarat’s urban fringe, with median house prices of $250,000 and $249,975 respectively.
Further afield, Maryborough, north of Ballarat, is one of Victoria’s most affordable towns, with a median house price of $213,750.
With a median house price of $675,000, Geelong has experienced some of the state’s highest annual price growth.
In nearby Whittington, median house price is $275,000, with the suburb recording moderate annual growth of 5 per cent.
Other areas offering affordability on Geelong’s outskirts include Norlane, with a median house price of $226,505, Corio, with a median of $244,000 and Newcomb, with a median house price of $298,000.
Mildura enjoyed a high turnover of properties over the year, with 568 sales and a median house price of $260,000.
About 10 minutes away, Merbein is one of the state’s fastest growing and most affordable towns in Victoria, with a median house price of $197,500, while Red Cliffs’ median house price is $206,250.
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