THE REIV’s latest report on median unit prices shows that the largest increases in sales results over the past 12 months have been found in diverse pockets around Regional Victoria.
The Geelong suburb of Highton topped the list for the most substantial increase in the annual unit median price, soaring 23.9 per cent from $357,000 to $442,500 in 2018. There are several new estates in Highton which offer proximity to the Geelong CBD, shopping centres, schools, Deakin University, parks and walking tracks.
Coming in equal second was the Ballarat suburb of Redan and the regional city of Geelong with both recording increases in the annual median unit price of 19.6 per cent. Redan’s annual unit median was $260,975 and Geelong’s was more than double that at $640,000.
Unit and apartment living is comparatively low maintenance: little if any lawn to mow, gardens to weed, fences to maintain and it’s easier to just lock up and go on holidays. Units and apartments are also a more accessible option to get into the property market with the December quarter unit median for Regional Victoria sitting at $314,000 compared with the median house price of $411,000.
Mildura also recorded positive results in unit price growth in 2018, with the median soaring 18.9 per cent to $237,750 (from $200,000). Fourth was Belmont with a 16.1 per cent increase to $418,000 and fifth was Castlemaine with a 15.5 per cent increase to $387,000.
Next on the list was Grovedale with a 14.4 per cent increase to $374,500 followed by Warragul which recorded a 14.3 per cent increase to $320,000, Wonthaggi with a 13.2 per cent increase to $314,000 and Drouin where the annual unit median is $330,000, having gone up 11.9 per cent in 2018.
To find out more about median unit prices in particular towns, please visit the Market Insights section of the REIV website at reiv.com.au/market-insights.