While house prices in regional Victoria increased 4.5 per cent in the year to March 31, new REIV data shows regional towns experienced significant capital growth.
Horsham in western Victoria saw the state’s highest annual growth with house prices there rising to a new median peak price of $237,000, well ahead of March last year where the median price was below $200,000.
Significant growth was also recorded in Daylesford, where house prices rose more than 20 per cent in the 12 month period to a median of $485,000. This was up from a median of $401,500 for the same period last year.
Other towns performing strongly in the year to March 31 were the Ballarat suburb of Soldiers Hill and West Wodonga on the Victorian-NSW border.
House prices in Soldiers Hill increased 17.5 per cent over the year to a median of $373,000, up from $317,500 for the same period last year.
Meanwhile, West Wodonga’s median house price rose 16.9 per cent over the year to a median of $331,500. This was up from $283,500 in March 2015.
Significant capital growth was also recorded in towns within commuting distance of Melbourne. Towns experiencing double-digit increases – and within commuting distance of the city – include Ballarat North, up 13.3 per cent to a median of $342,750; Warragul, up 11 per cent to a median of $345,000; Bell Park, up 11.2 per cent to $342,000; Cowes, up 10.9 per cent to $380,000; and Brown Hill, up 10.6 per cent to a median of $340,000.
Solid annual price increases were also experienced in Echuca and Norlane, up 9.7 and 9.6 per cent respectively to medians of $329,000 and $222,500.
Price growth in a variety of regions across the state – including many areas further from Melbourne – reflects ongoing interest in regional Victoria by investors and homebuyers.
Growth was also seen in Gisborne, up 8.9 per cent to a median of $588,000; Colac 8.4 per cent to $262,500; and Kennington, up 8.4 per cent to $336,000.