Capital plus for region

Bendigo Weekly | Bendigo Weekly | 09-Jun-2017

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Melbourne’s buoyant property market is boosting the median house price of towns within commuting distance of the city. 

The latest REIV data shows greater Geelong accounted for almost half of the state’s top growth suburbs in the year to March 30.

East Geelong experienced Victoria’s largest price growth over the year, up just shy of 30 per cent to a median house price of $575,000 – an increase of more than $100,000 on March 2016 figures.

Significant annual price growth was also recorded in Geelong West with the median house price increasing 19.1 per cent to $585,000 in March. This was up from $491,000 in March last year. 

Hamlyn Heights was another top performing Geelong suburb with house prices increasing 17.6 per cent over the year to a median of $450,000.

Other greater Geelong suburbs recording double-digit price growth over the year include St Leonards, up 15.6 per cent to a median of $445,000; Geelong, up 14.9 per cent to $701,000; Belmont, up 14.7 per cent to $460,000; and Barwon Heads, up 10.8 per cent to $908,750. 

Meanwhile, Castlemaine recorded the highest annual growth outside of Geelong. House prices in the town increased 19.1 per cent over the year to March to a median of $452,500, up from $380,000 for the same period last year.

House prices in the commuter town of Gisborne also increased significantly over the year to a median of $691,000 - a 17.3 per cent increase on March 2016 figures.

Strong annual price growth was also recorded in Stawell with the median house price up 14.4 per cent to $210,000.

Double-digit increases were also experienced in Warragul and nearby Drouin, up 12.2 and 11.5 per cent respectively to median house prices of $388,000 and $379,500.

Solid annual price growth was also recorded in Morwell, up 11.3 per cent to a median house price of $170,000; Kilmore, up 11.1 per cent to $368,000 and Heathcote, up 10 per cent to $292,500.

For more information on median house prices by town or region, visit reiv.com.au

Joseph Walton,

President, REIV

TWEED Sutherland First National director Andrew Pearce has thrown his support behind the State Emergency Service.

Mr Pearce dropped in to the SES headquarters recently to donate $5000 as a show of appreciation and support for the vital and lifesaving work the organisation delivers across the region.

Mr Pearce has agreed to donate to the SES a portion of the commissions he earns on every property he sells, a gesture that has drawn widespread thanks and appreciation from local SES personnel.

THE Reserve Bank has once again left the official cash rate on hold at an historic 1.5 per cent.

Housing Industry Association’s Shane Garrett said the decision signals that economic conditions would need to change markedly from where they currently sit if there were to be a change in the nation’s cash rate.

“Comments issued by the Reserve Bank governor today confirmed that the indicators in the housing market vary considerable around the country. This is demonstrated in recent housing price indicators and building activity that show some regions remain strong while others have cooled,” he said.

“The Reserve Bank governor also noted that lenders have recently increased mortgage rates for investors. While this has eased the pressure on the RBA to increase the cash rate, investors should not face rising lending costs while the cash rate remains unchanged. 

“Furthermore, the latest dwelling price figures show that some deceleration is under way in the market for established properties on the east coast capital cities.”

Mr Garrett said with the exchange rate stable, muted inflationary pressures and mixed demand conditions it was unlikely the cash rate would change in 2017.

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