Corio and Norlane are leading regional Victoria for property price growth, according to latest data.
Corio’s median house price “skyrocketed” 33 per cent to $353,000 over the 12 months to June and Norlane was up 32.7 per cent to $345,000, the Real Estate Institute marvelled this week.
Newcomb was next in line with a 29.4 per cent increase taking its median value to $440,000.
“There must be something in the water around Geelong with the suburbs of Corio, Norlane and Newcomb being the best performers if we look at the annual picture,” said REIV chief Gil King.
He compared the three working-class Geelong suburbs with an average four per cent increase to $419,500 across regional Victoria.
Mr King also noted that Geelong and the Surf Coast also had the three most expensive addresses.
Barwon Heads topped the list with a median price of $925,250, up 8.2 per cent.
Torquay was next with a 10.4 per cent rise to $795,000.
Newtown was the third most-expensive after an eight per cent increase lifted its median price to $777,500.
Mr King singled out the rapid price rises in Geelong as a separate property value monitor also noted the city’s growth.
Core Logic released a statement this week questioning whether price growth was slowing in regional centres around Australia but confirming Geelong was bucking the trend.
Geelong had “seen the most-rapid growth in values of all regional markets in the country over the past year,” Core Logic said.
“Over the period values have increased by 11 per cent and the rate of growth is slightly higher than the 10.7 per cent increase a year ago.”
Geelong’s June quarterly rate of value growth was slower but the pace of capital gains remained rapid, Core Logic said.
“There are some early signs that growth conditions are starting to moderate.”
