The Victorian tree-change areas where prices rose the most over the past year
Experts say affordability, limited supply and interest rate movements are fuelling regional growth.
Colac Otway Shire led the annual growth rankings, rising 14.9 per cent to a median house price of $609,000 at the end of June, up from $530,000 a year earlier, the latest Domain House Price Report, released on Thursday, found.
Nearby Corangamite recorded a 13.2 per cent annual jump to $461,250. Indigo in the state's north-east rose 13.1 per cent, followed by Mildura (10.6 per cent) and Mansfield (9.5 per cent). The Northern Grampians and Southern Grampians each climbed 8.2 per cent.
Domain's chief of research and economics, Dr Nicola Powell, said Victoria's median regional house price was $5000 away from being back to the record high reached in March 2022, as lower interest rates improved borrowing power and buyer confidence.
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'There is an increase in demand and momentum which is in line with what we're seeing in Melbourne,' she said.
Some traditionally in-demand regions fell backwards. Hepburn dropped 11.3 per cent to a median of $687,500 in the year to June. Golden Plains, South Gippsland, Bass Coast and the Surf Coast recorded falls between 5 per cent and 7.2 per cent. Greater Geelong was down 4.0 per cent.
More-affordable inland towns were'playing catch-up to nearby LGAs [local government areas], which saw much greater rates of price growth in that early pandemic period when we saw that flight into regional Victoria,' Powell said.
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The Age
2 days ago
- The Age
The Victorian tree-change areas where prices rose the most over the past year
House prices have risen across much of regional Victoria over the past year, with a handful of inland regions recording double-digit growth and outperforming popular coastal and commuter towns. Experts say affordability, limited supply and interest rate movements are fuelling regional growth. Colac Otway Shire led the annual growth rankings, rising 14.9 per cent to a median house price of $609,000 at the end of June, up from $530,000 a year earlier, the latest Domain House Price Report, released on Thursday, found. Nearby Corangamite recorded a 13.2 per cent annual jump to $461,250. Indigo in the state's north-east rose 13.1 per cent, followed by Mildura (10.6 per cent) and Mansfield (9.5 per cent). The Northern Grampians and Southern Grampians each climbed 8.2 per cent. Domain's chief of research and economics, Dr Nicola Powell, said Victoria's median regional house price was $5000 away from being back to the record high reached in March 2022, as lower interest rates improved borrowing power and buyer confidence. Loading 'There is an increase in demand and momentum which is in line with what we're seeing in Melbourne,' she said. Some traditionally in-demand regions fell backwards. Hepburn dropped 11.3 per cent to a median of $687,500 in the year to June. Golden Plains, South Gippsland, Bass Coast and the Surf Coast recorded falls between 5 per cent and 7.2 per cent. Greater Geelong was down 4.0 per cent. More-affordable inland towns were'playing catch-up to nearby LGAs [local government areas], which saw much greater rates of price growth in that early pandemic period when we saw that flight into regional Victoria,' Powell said.
Sydney Morning Herald
2 days ago
- Sydney Morning Herald
The Melbourne suburbs where house prices are rising fastest
Melbourne suburbs with large family homes and neighbourhoods well located to benefit from future infrastructure projects have recorded large price increases in the past 12 months, outstripping citywide growth. Melbourne's median house price rose 1.6 per cent to almost $1,064,000 in the 12 months to June, the latest Domain House Price Report this week showed. Domain chief of research and economics Dr Nicola Powell said the quarterly growth rate of 2.3 per cent appeared to show Melbourne's property market was exiting its years-long slump. 'Largely, what we've got is a turn-around in market conditions across Melbourne,' she said. 'It's the sharpest lift in 3½ years for house prices and the sharpest in two years for unit prices.' House prices rose the most in Aberfeldie, up 21.6 per cent in the year to June to a median of $1,946,000. It was followed by Fairfield, up 18.8 per cent to $1.63 million, and Heidelberg, up 14.3 per cent to $1,308,000. Unit prices rose the most in Moorabbin, climbing 25.9 per cent over the same period to a median of $750,000. Next was Caulfield South, up 25.3 per cent to $799,000, and Fairfield, up 20.1 per cent to $587,000. Powell said the large movement in house prices in some suburbs appeared to be driven by families looking to upgrade to a larger home before forecast Reserve Bank rate cuts prompt more growth. 'Melbourne has underperformed in relation to other capital cities … and families are looking to take advantage of that value before prices rise further,' she said. 'The top performer for house prices, Aberfeldie, is really up there. Riverside location, period homes … it's prime for families.
Sydney Morning Herald
2 days ago
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The Sydney suburbs where home prices soared most last year
This comes as Sydney's property market rebounds, with the median house price rising 2.6 per cent in the three months to June to hit a record $1,722,443. The two cash rate cuts this year had boosted confidence and borrowing capacity, with the market anticipating another cut in August, Powell added. For units, homes in prestige areas made solid gains over the past year, as some buyers sacrificed space for location. Forest Lodge in Sydney's inner-city rose the most over the year, adding 31.6 per cent to hit a median of $1,225,000. This was followed by Kingswood, in the Penrith area, which jumped 24.4 per cent. The prestige coastal suburbs of Darling Point, Milsons Point and Rose Bay surged 23.4 per cent, 18.9 per cent and 18.2 per cent respectively. 'These are elite suburbs, but actually the unit price point opens up the buyer pool because it is a much cheaper price point relative to what a house would be in these locations,' Powell said. Megan Sayers, 40, who works in HR, said increasing rents, falling interest rates and a closing window for her to use the First Home Guarantee Scheme were a push to accelerate her search process earlier this year. Sayers bought her first property, a one-bedroom apartment in the apartment-dense southern Sydney suburb of Wolli Creek where unit prices are at a median of $788,000. After spending part of her thirties living and working overseas and returning to Australia from Japan in late 2018, Sayers feared she had missed the boat and may struggle to buy on a single income. Loading 'I never thought I would own a home,' she said. But after saving for five years, getting professional help and expanding her search area beyond inner Sydney, Sayers got the keys to her apartment in July. 'I had a good cry when I exchanged because I was just so excited that it finally happened. And I guess I just wake up every morning feeling so fortunate.' Wolli Creek is a high-density residential area a 20-minute drive from Sydney's CBD. In the year to June, 344 apartments sold in the suburb, but prices rose just 0.5 per cent, on Domain data. Some other suburbs with solid unit sales also recorded close to stable price growth or even declined. For example, unit prices in Zetland (393 units sold) and Rosebery (356 apartments sold), both in the inner city, fell 3.4 per cent and 0.5 per cent respectively over the year, underscoring how density can dovetail with affordability. Sayers' mortgage broker, Alcove national first home buyer specialist Jack Elliott, said the rate cuts were giving first home buyers confidence, with many clients considering homes on Sydney's outskirts. 'They're finding that unit, or that little townhouse, or it might even be further out to find a house that suits them and their needs for the future,' he said. Ray White Merrylands managing director Michael Azzi said the shortage of property for sale in South Wentworthville had helped to push up prices there. 'There's a section that's all virtually townhouses and duplexes, and there's a lot of them, and then there's a section that there's some very large homes and very big blocks of land. And together they are sort of booming,' he said.
