Prices surge to top

Jessica Benton
THE BELLARINE Peninsula has topped a rich list as the region’s most expensive area for house prices.
Real Estate Institute of Victoria’s latest statistics show Barwon Heads has topped a list of the most expensive suburbs in the region, with a median price of $522,000 for houses.
Point Lonsdale, Ocean Grove and Drysdale also made the top 10. Point Lonsdale’s median price was $482,500, Ocean Grove was $390,000, while buyers paid on average $345,000 at Drysdale.
REIV Geelong chapter chair Daniel Lamanna, of Stockdale and Leggo Drysdale, said astute purchasers were looking to the peninsula as other coastal areas became too expensive.
“We’re seeing a lot more investors and retirees coming to the Bellarine Peninsula because the Mornington Peninsula and Surf Coast are outside of their price bracket now. The Bellarine Peninsula is a viable option to living on the coast and having the seachange lifestyle,” Mr Lamanna said.
“A lot of retirees have seen their shares hit fairly heavily in recent times and aren’t feeling as confident to spend in higher price brackets in other areas.”
Mr Lamanna said many “country people” had also sold their properties in favour of moving to Drysdale where they could retain a rural-type lifestyle.
Other towns to make the annual list included Torquay, at number two with a median price of $512,500 for houses, as well as Highton, Newtown, Waurn Ponds, Geelong and Geelong West.
Ocean Grove topped a list for the most expensive units and apartments at $330,000.
The Bellarine Peninsula also came out on top as the area with the strongest growth over the last five years.
Drysdale’s median house price topped the list for growth at almost 50 per cent, while Clifton Springs was up 30 per cent.
Mr Lamanna said that first-home buyers were behind the growth.
“First-home buyers have been a huge help to us, tabled with families who are now looking to upgrade to bigger homes,” he said.
The REIV figures were for the 12 months to September.
The median is the middle price in a series of sales arranged by ascending order.
The REIV figures were for suburbs with more than 30 sales in the 12 months to September.