House prices in Geelong’s most expensive suburbs plummeted in 2019 despite medians rising across regional Victoria, according to new figures from the Real Estate Institute of Victoria (REIV).
Median prices dropped 6.6 and 6.1 per cent in Newtown and Geelong West to $782,500 and $678,000 respectively in 2019, the institute announced this week.
The inner Geelong suburbs also sustained 2.2 and 1.4 per cent losses respectively for the last quarter.
Regional Victoria’s most expensive area, Barwon Heads, also recorded falls in median house prices of one per cent for the year and 3.3 per cent last quarter.
The seaside town’s median cracked the million-dollar mark last September but prices had since fallen back to $970,000, according to the latest REIV data.
Torquay’s median fell almost one per cent to $837,000 for the year, while Highton prices rose 1.5 per cent and Ocean Grove remained stable.
Ocean Grove had the second-highest turnover in regional Victoria for the December quarter with 52 sales and the fourth-highest for 2019 with 215.
Belmont bucked the overall trend recording a rise of 3.2 per cent for the December quarter and .9 per cent for 2019.
The suburb also had regional Victoria’s sixth-highest turnover for the December quarter with 39 sales.
Average prices for greater Geelong overall rose slightly last quarter and 2.2 per cent last year.
The falls in Geelong’s more expensive suburbs came as regional Victorian house prices climbed 2.2 per cent in the December quarter and 2.8 per cent for 2019.
The average median house price for regional Victoria reached a record $422,500, according to REIV president Leah Calnan.
“These are outstanding figures; the Victorian real estate sector continues to soar and set new heights,” Ms Calnan said.
“With new high prices being set, Victorian real estate is undergoing a golden patch of form, which is great news for everyone.”
Strathdale (15.3 per cent), Portland (9.8 per cent) and Ballarat Central (6.2 per cent) recorded the highest growth in regional Victoria last quarter.
Bendigo and Portland led price growth in regional Victoria for 2019 with median rises of 26.4 and 22.3 per cent respectively for the year.
“Buying in Victoria is a great investment; house and unit values are growing across the entire state,” Ms Calnan said.
“(Regional Victorian’s) record growth during the December quarter will put smiles on a lot of faces; anybody who invested here is getting a great return.
“These numbers will attract investment from across the globe, and our beautiful region is the envy of the world.”
