Geelong has become “regional Victoria’s hottest unit market”, according to latest data from Real Estate Institute of Victoria (REIV).
Buyers were now paying similar prices to inner-Melbourne amid an increasing trend toward “unit and apartment living” in Victoria’s larger regional cities, the REIV said.
The REIV’s June quarter data for unit median prices in areas with at least 10 unit sales showed that Highton and central Geelong “shared the top mantle” of 33.3 per cent growth.
“Interestingly, both postcodes have a unit median of more than half a million dollars now, levels you would expect to see in an inner-Melbourne suburb,” said REIV chief Gil King.
“Highton’s median unit price is sitting at $508,000, up from $381,000, while Geelong’s is a whopping $690,000, up from $517,500.
“Three more Geelong suburbs made the top 10. Manifold Heights came in third with a 24.2 per cent increase to $402,500 for a unit, Herne Hill was fifth with an 18.3 per cent increase to $319,500, and Newcomb was seventh with a 14.1 per cent increase to $361,000.”
