By Luke Voogt
Corio’s median house price has risen 24 per cent, according to latest data from Real Estate Institute of Victoria.
The median price for the northern suburb rose to $311,000 for the December 2017 quarter, up from $250,000 at the same time in 2016.
Corio also recorded a price rise of 7.2 per cent from September to December, in 2017.
The suburb’s proximity to Melbourne and affordable prices made it attractive to commuters, according to the institute’s chief executive officer Gil King.
“Strong price growth in Melbourne in recent years is boosting demand for homes in areas within commuting distance of the city,” he said,
“This is certainly evident in Greater Geelong, which has experienced double-digit price growth over the past year.
“Buyers are increasingly looking for new growth areas to enter the market, with Greater Geelong offering affordability as well as established infrastructure and amenities.”
“Affordable” areas of Melbourne had seen of the strongest price growth in the city, Mr King said.
“This pattern is now being replicated in Greater Geelong, with buyers looking for affordable entry points to the market.”
Manifold Heights and Newcomb recorded even higher rises of 35.6 and 32.1 per cent respectively.
But with less than 50 house sales in each of the two suburbs, the institute deemed the rise statistically insignificant.
Proximity to Melbourne delivered dividends for Greater Geelong with the data showing the municipality was home to seven of the state’s most expensive towns.
Barwon Heads was again Victoria’s most expensive town or suburb, outside of metropolitan Melbourne, recording a median house price of $848,000 in the December quarter.
The towns’ house prices were significantly higher than the regional median of $396,500, and slightly higher than the metropolitan Melbourne median of $821,000.
Newtown remained highly sought after by buyers in the last three months of 2017, with houses fetching a median price of $760,000 – almost $100,000 more than homes in Melbourne’s outer ring.
Central Geelong was another of the state’s most expensive locations in December with a median house price on par with its Melbourne counterparts, at $720,000.
Homes in Geelong West and East Geelong also attracted top dollar with median house prices of $665,000 and $645,000 respectively.
Strong buyer demand boosted house prices by 20.5 per cent in Geelong West and 23.7 per cent in East Geelong, Mr King said.
Other Geelong suburbs and towns with high median house prices included Highton and Ocean Grove, at $645,000 and $368,750 respectively.
Both areas experienced double-digit price growth over the past year.
Torquay was another of Victoria’s most expensive towns, recording a median house price of $745,000 in December.
This was 6.5 per cent higher than the same period last year.
