The most expensive suburbs in regional Victoria have been revealed by the Real Estate Institute of Victoria.
Due to its closeness to Melbourne, the Greater Geelong area is reaping immense benefits, and as a result, the area is host to seven of the state’s most expensive suburbs, according to REIV CEO Gil King.
“The coastal town of Barwon Heads is Victoria’s most expensive, recording a median house price of $848,000 in the December quarter,” Mr King said.
“Not only is this significantly higher than the regional median house price of $396,500, it is also higher than the metropolitan Melbourne median of $821,000.”
Newtown was another area Mr King said has been “highly sought after by buyers in the last three months of 2017”, with median house prices reaching $760,000, to which Mr King added is nearly $100,000 more than median home prices located in Melbourne’s outer ring.
Next mentioned was Geelong, with December’s median house prices reaching $720,000.
“Homes in Geelong West and East Geelong also attracted top dollar with median house prices of $665,000 and $645,000, respectively,” Mr King said.
“Strong buyer demand for homes in these suburbs has boosted house prices by at least 20 per cent over the past year.
“Other Greater Geelong towns with high median house prices include Highton and Ocean Grove, at $645,000 and $368,750, respectively. Both areas have experienced double-digit price growth over the past year.”
Torquay in the Surf Coast area was another expensive regional suburb with a median house price of $745,000, a 6.5 per cent rise compared to this time last year.
While not as expensive as the other locations, suburbs in the Macedon Ranges area, such as Gisborne and Woodendare, are also benefitting from their proximity to Melbourne, with their median house prices of $680,000 and $645,000, respectively.